AUDUSD: Candle Setup Hints at Turn Lower
Strategy: Pending Short
AUDUSD appears to have produced a bearish Breakaway candlestick pattern below resistance at 1.0789, but the setup does not meet the formation’s strict parameters in that the day-five bearish candle (9/2) did not close within the body of the day-one bar (8/29). Still, the implications of positions appear bearish, though we will wait for confirmation on break below 1.0595 to improve the risk/reward parameters of the trade before considering pulling the trigger on a short position.
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