Retest of New Highs and Pullback Zone

✨ By MJTrading:

Chart Overview:
AUDUSD reached a 2025 new high around 0.65600 before pulling back sharply. Price broke out of a consolidation wedge and is now retesting the prior breakout and dynamic support area.

🔹 Key Points:

Structure: Clear impulse move to new highs, followed by corrective pullback.
Support Zone: Blue box ~0.6480–0.6500 could act as a demand area if price extends lower.
EMAs: Price testing the 60 EMA (~0.6523) after losing short-term momentum.

Trade Setup:
Entry: 0.65250
SL: 0.65510
TP1: 0.65000

(Please Manage your Risk)( Ideal: 1% Per Trade)

Possible Scenarios:
Bullish reaction from current EMA support or the blue demand zone.
Deeper retracement if price fails to hold above 0.6500.

💡 Note:
This chart highlights how prior consolidation and breakout zones can offer potential retest entries in trending markets.


Thanks for your time an attention...


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