AUDUSD a turn at the 0.786 🦐
AUDUSD on the 4h chart after our previous analysis has played as expected (link below) with a retest of the weekly resistance.
We can notice how after the recent low the price provided a perfect retracement to the .786 Fibonacci level which is also known as one of the key levels for a potential inversion.
The trend in fact remains bearish with a series of lower lows and lower highs and for this reason our main bias remain to look for a short bias.
How can i approach this scenario?
I will look for a potential break of the 4h support and if that will happen i will set a noce short order according to the Plancton's strategy rules
We can notice how after the recent low the price provided a perfect retracement to the .786 Fibonacci level which is also known as one of the key levels for a potential inversion.
The trend in fact remains bearish with a series of lower lows and lower highs and for this reason our main bias remain to look for a short bias.
How can i approach this scenario?
I will look for a potential break of the 4h support and if that will happen i will set a noce short order according to the Plancton's strategy rules
Comment:
waiting for a lower low
