Forex Price Action – AUDUSD Downside Breakout | Feb 6th

AUDUSD
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 2ndskiesforex.com feb 6th

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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