Trade Idea: AUDUSD – Watching For Potential Breakout Setup | Oct 29

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Chris Capre’s current live open price action & ichimoku trades: AUDNZD, CORN, WTI, USDMXN

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AUDUSD – Inside Large Corrective Structure, Watching For Potential Breakout (4hr chart)

Price Action Context

Since August this year, the AUDUSD has been in a large corrective structure between 6669 and 6899 with a few touches on either side of the structure. I’m watching for a potential breakout setup, but am also looking to trade both sides of the range till it breaks.

AUDUSD corrective structure 2ndskiesforex

Trending Analysis

MT a range till the corrective structure breaks, ST the pair is trying to build higher lows and enough pressure to breakout to the upside.

Key Support & Resistance Zones

R: 6899, 7050

S: 6700, 6669

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