AUDUSD - Price zone to be a bearish continuation?

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

Price has been in medium-term rising wedge pattern. It is common for AUD pairs to be ranging and it could be an advantage to those who like to trade ranging pairs. Looking for a retracement into the Entry Zone before a possible leg down to the lower bound of the pattern. The Entry Zone is based on S/R level that coincides with the 0.50 Fibonacci retracement level. Watch for bearish price action in the Entry Zone before any SHORT entries. The Stop Loss is valid when price retraces into the EZ and rejects off it with bearish price action.

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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