OnlyAnalysis
Short

AUD/USD Short - 195 PIP TARGET

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD Overall trend shows to be in a bearish market on the daily and weekly time frames for the past year and looks to be continuing. Closing in on the 4hr and 1hr time frames we can see a recent Supply zone in which reversal took place before twice. We are waiting too see if we have a double top forming indicated by the previous peak and bulls in the market up toward the supply zone around 0.68050 and 0.68950. Ideally looking for a double top to form midway through this zone around the 0.68750 mark where our ideal entry point will be and bringing the bears back into the shorter time frame market. Our Stop Loss will be placed just above the supply zone in case of a breakthrough which would invalidate this trade but also allows us to try and gain a sniper entry. This will be set at 0.69030 with our ideal entry point. We have 3 Targets for this trade 2 of which are at the shown by RED (Demand and Supply) zones on this chart. The overall RR for this trade will be 6.96 with our SL set at 28 pips and a TP of 195 pips
Overall we are looking at:

Entry: 0.68750
SL: 0.69030
TP1: 0.68050
TP2: 0.67500
TP3: 0.66800

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