🔸Hello traders, let's review the 8 hour chart for AUDUSD today. Ongoing distribution in
progress since March 2023, currently breakdown detected, expect further losses.
🔸Aussie dollar under fresh sell side pressure recently also going into August
weak seasonality based on past 10 years of data, therefore expecting fresh losses
since the distribution range is breaking down and bears maintain control.
🔸Recommended strategy for AUDUSD bear: short sell near market / short sell
weak rips/rallies as we are headed into breakdown of the multi-month distribution
range. TP1 bears is 6340 TP1 bears is 6200. trading at 6520 now therefore 300 pips
downside remains in this market. good luck traders!
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