[Market Breakdown 2] AUDUSD

MONTHLY

We are at a very interesting zone at the Monthly chart.
Price is currently sitting at a big Supply & Demand zone acting as resistance.
We are rejecting this zone and we have received a Bearish candle which means a lot on the Monthly.
I see a Big Head & Shoulders in it.
Also -27 Fib completion is sitting there.
We will need some DXY strength for this set-up to play out to the downside.
A lot of indications for a Short set-up on the Monthly chart.

Comment:

DAILY

We were making HHs and HLs on the Daily chart.
We have received an ugly Head & Shoulders pattern and we have broken the last HL impulsively.
We are now in a downtrend on the Daily chart.
We are currently rejecting the 61.80 Daily Fib level sitting at a clear Supply & Demand region.
We are now forming a 'Bearish W' pattern on the Daily chart.

Comment:

4H

On the 4H chart, a possible scenario could be a completion of the Daily 'Bearish W' pattern.
It seems like it is forming a Head & Shoulders also on the 4H chart.
Clear Supply & Demand zone at the region of interest.
The Institutional Candle sitting there is also very interesting.
We have a descending trend line holding down the price.

Remain neutral and anticipate on the situation.