AUDUSD H4 *Short Opportunity*

FX:AUDUSD   Australian Dollar / U.S. Dollar
When markets open this evening I will be looking at shorting the Aussie Dollar down to the daily trendline , as this has been respected a few times in the past couple of weeks, this will most likely be an intra-day swing trade to get in and get out. Only because of RBA releasing minutes on Tuesday followed by a speech from Yellen later that day, could make some shifts between the two trendlines / provide a clear breakout of the bearish trend the Aussie Dollar has been stuck in. On Friday evening it rejected the monthly 0.75540 support nicely with the bulls closing a bullish engulfing to help it recover from this price, however it then bumped back into the 4 hourly trend and rejected.

Stochastic is in the overbought region on the 1 hourly by quite a bit, possibly signalling a reversal to support the fall back down to the 0.7530 area. The head and shoulders formation provided a confirmation that the downwards trend would continue, but will it have now run out of steam...

I believe the Aussie Dollar will remain bearish hence my short signal and at least bump into the daily trendline , if not beyond. Fundamentals pending, this is my sentiment for now and I will be waiting for market open to see how this will play out.
Feedback good or bad is always welcome!

Trade Safe,

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