Facts:
- AUDUSD is trading below 100-period moving average from H1 interval
- The pair broke below the support at 0.6520-0.6515
Recommendation:
Trade: Short AUDUSD at market price
Target: 0.6475, 0.6430
Stop: 0.6530
Opinion: AUDUSD has been trading in an upward trend from 22 of August, but the pair may be experiencing a trend reversal. Looking at the pair at the H1 interval one can see that the price broke below the lower limit of 1:1 structure, which according to the Overbalance strategy may herald a bigger downward move. In addition the price sits below the 100-period moving average from H1 interval, which supports the bearish scenario. As long as the price sits below the 0.6520-0.6515 area, the further downward move may happen. We recommend going short AUDUSD at market price with two targets: 0.6475 and 0.6430. We also recommend placing a stop loss order at 0.6530. Source: xStation
