Forex Signals

AUDUSD Breaks a Terminal EW Formation


The AUDUSD pair in its hourly chart reveals a breakdown of an ascending diagonal pattern triggered by the RBA rate decision realized on the overnight trading session. 

The breakdown experienced by the Aussie exposes in the RSI oscillator the penetration below the level-40, which makes us conclude that the market bias changed from the bullish to bearish. 


Currently, in the hourly chart, we observe a recovery that could bring us the opportunity to incorporate us into the next bearish movement with a potential profit target in the area of the mid-term ascending trendline at 0.6857.

The invalidation level of our bearish outlook locates at 0.6992.


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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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