AUD/USD currency pair analysis

The ascendant wave structure is truncated. Bulls have tested the moving average 200. Awesome Oscillator indicates bearish divergence, and Stochastic Oscillator signals overbought conditions.

Trading idea:

Sell when the descendant wave structure forms, where the wave (A) breaches through the inclined channel of the descendant truncated structure.

Stop-loss is over the local maximum of the ascendant structure.

Target levels: 0.7034; 0.6880.

Author: GC
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