News about the change in the interest rate by the Bank of Australia disappointed traders, that is why AUD/USD declined and updated the yearly lows.
From a technical point of view, the pair traded within a range over the past two trading weeks, the upper limit of which is 0.65300. This level was falsely broken yesterday during the European session.
Considering this, as well as the three-wave pattern (ABC), where wave A represents bearish pressure, traders can enter the market by selling from current prices up to the 50% retracement level. Set stop loss at 0.65400, then exit the market on the breakdown of 0.64500 and 0.63600.
This trading idea is based on the "Price Action" and "Stop Hunting" methods.
Good luck and have a nice day! Don't forget to control the risks.
Relevance up to 10:00 2022-10-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
