AUDUSD - Shorting a strong level + H&S

FX:AUDUSD   Australian Dollar / U.S. Dollar
DXY is set to continue getting stronger, gold seems to be getting weaker. This is bad news for the the Aussie Dollar.

There's a head and shoulders structure formed on the daily with the neckline formed roughly around 0.76.

Last night, we broke the 0.786 level that was previously a 4 touch support. This is a perfect place to short due to:
  • Strength of the level as the inverse
  • That very violent bounce on the 17th from the level
  • It's a Fibonacci level

Using our LTF chart to find an entry to take advantage of the HTF move, we can therefore short there with our HTF target.

See chart for entries and exit. I've chosen that as my target since it's the last resistance before this whole run/range started.

Happy trading:) follow for more


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