AUDUSD - Familiar situation, the start of a drop?

PAIR IN FOCUS: AUDUSD
ACTION: SHORT
HORIZON: SHORT TO MEDIUM-TERM

Price has temporarily broken upwards of the medium-term rising wedge pattern, and has now fallen back in. We can see that price is retesting the upper bound of the pattern. A similar situation has happened in AUDCAD last week, just before the melt. Conservative traders can wait for a clean break of the S/R level before shorting. Look for bearish price action before any SHORT entry.

The TP levels and Stop Loss are indicated on the chart. Remember to manage your risk!

Feel free to discuss and comment, Cheers!

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