AUDUSD was unable to break above the 0.6800 level recently and is rejected by it to break below 0.6700 again.
Only a confirmed break above 0,6800 will lead to an extension higher and a continuation above 0.7000 to test the 0.7300key level for this year again.
Any short-term confirmed break below 0.6400 would lead to a bearish swing lower to 0.6430 again, for which we give a little more weight than an upside break above 0.6760.
Medium-term this could be a perfect low-risk short trade but we reserve the right to switch to a long trade in case of a break above 0.6700.
You can take the short trade here with the stop loss just above 0.6700 as we see a higher probability of a swing reversal lower. By placing this trade your RR ratio is 2.84. In the case, you are stopped you can reverse your trade to a long trade, especially in the case of a confirmed break above 0.6760.
