Forex Price Action – AUDUSD Downside Breakout | Feb 6th

One of the more choppy pairs on the daily charts, the Aussie has finally started to exit out of the recent consolidation on the 4hr chart.  After a failed breakout to start the month, the pair cracked the key 1.0358 support level with an impulsive leg down.

This leg found support at 1.0300 and has formed two small pin bars, but they are not convincing me of a reversal. So I will look for a sell signal on a corrective pullback setup towards the 20ema and 1.0358 role reversal level, targeting 1.0300 and possibly a deeper move down towards 1.0236 and 1.0163.

breakout pullback setup pin bar price action feb 6th

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