AUDUSD 25-07-2024

Price level 0.68500 which served as support became a supply or resistance zone for the pair on a higher time frame. This week, market failed to reach this price level. In other words, price turned from 0.67750 like a lady who refused to kiss the price at 0.68750 - about 100 pips away if you narrow down to smaller time frames. We therefore frame our resistance zone to be from 0.686 - 0.675 (about 100 pips)

Our next support is between 0.62500 - 0.63250 (75 pips). You can exit the selling trade at 0.63. But we have an intermediate support level between 0.63750 -0.64250 (50 pips), again you want to exit at 0.64.

If you caught the train when the selling signal was confirmed last week, good. If you want to jump in, it is good to wait till the price pulls back to anywhere between 0.6675, weekly high of this week, and weekly low of last week, then sell to 0.64 and maybe later to 0.63. And if the pair just keep melting, we may leave it for another pair

Long term direction: Bullish
Weekly direction: Bearish

Trade entries
Sell stop: 0.6675
Take profit 1: 0.64
Take profit 2: 0.63
Stop loss: 0.6750
Lot size: 0.01

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Disclaimer: Trade entries are on demo practice account. Not suitable for live trading