A bearish pattern based on the 0.6480 level is nearing completion on the AUDUSD 15-minute timeframe. The currency pair is now approaching local resistance at 0.6500. If this level stands, further downside attempts to break below 0.6480 would be delayed in the near term. Fundamentally, this signal puts the Australian dollar under pressure against other currencies and supports the greenback's inflation-driven strength. The technical setup on higher timeframes shows a stronger AUDUSD downward momentum below the 0.6480 level. However, such a drop is more likely to occur next week. Moreover, the rate would probably be more volatile before the breakdown. The pair could climb up to 0.6520. But now, by the end of the day, a short-term deal with a protective Stop loss order at 0.65150 could be taken into account.
The overall recommendation is to sell AUDUSD.
Profits should be taken at the level of 0.6480. Stop Loss could be set at 0.6515.
The volume of the open position should be calculated so that the potential loss (protected by a Stop Loss order) does not exceed 1% of your deposit. If your account balance doesn’t allow opening a position of this size, it’s better to avoid entering the market on this signal and wait for other trade options that meet low-risk criteria.
This content is for informational purposes only and is not intended to be investing advice.
