At the moment AUDUSD is currently pushing lower from when it topped out on February 2 2023. Looking at the 4 hour chart below we can see and could still expect for the pair to continue pushing lower on reasons that the pair is currently in a lower low / lower high sequence. Price has also respected the supply zone (purple) and has reacted lower from this zone signalling the pair can extend lower and make newer lows.
AUDUSD 4 Hour Chart March 31 2023
Switching to the 1 hour chart below there are more visible supply zones where price has respected and reacted lower from signalling AUDUSD sellers that the pair has a high possibility that it will extend lower. Look for selling opportunities against 0.6740 stops for a conservative trade setup or for a better risk/reward and a more aggressive trade setup use the 0.6720 stops targeting the 0.6563 March 10 2023 low.
AUDUSD 1 Hour Chart March 31 2023
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup.
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