Based on my high-timeframe (HTF) analysis, there is a prevailing bearish order flow on the AUDUSD pair over the past 16 days. However, during the last six four-hour (H4) candles, the price has moved in an upward direction towards yesterday's high of 0.67659, where sellers have established their contract through hidden price rejection.
Furthermore, based on my low-timeframe (LTF) analysis, a bearish harmonic reversal pattern (specifically, a bearish crab pattern) has emerged, which supports the bearish outlook on the HTF.
As a result of the alignment of my HTF and LTF bias, I will be initiating a short position from the supply zone (ranging from 0.67706 to 0.6763), with my target set at 0.67005.
Furthermore, based on my low-timeframe (LTF) analysis, a bearish harmonic reversal pattern (specifically, a bearish crab pattern) has emerged, which supports the bearish outlook on the HTF.
As a result of the alignment of my HTF and LTF bias, I will be initiating a short position from the supply zone (ranging from 0.67706 to 0.6763), with my target set at 0.67005.
Comment:
Target hit at 0.67005.
