The situation in AUDUSD is clear. We have medium structural point at 0.7104
this is just the first failure to extend the run last week.
This type of scenario is to lure many buyers in and frustrate the seller.
Key numbers, we are long at the structure 0.7104, we will target the daily range first, 0.7142 and high of Friday next 0.7149.
Above the Friday's high we have very strong sellers and we must respect this area.
Our priority is to be out of any long position and wait for confirmation of who wins the battle of 0.7149 area. Our stop loss for this trade is 5 pips below the low of today. SL = 0.7083
I will update this trade .