AUDUSD Short idea
Overall higher timeframes are bearish but we saw a strong 4hour bullish trend push price action up to our major resistance zone around 0.70250 where we saw a key reversal happen.
At our resistance level we saw a double top then a lower timeframe transition to the down side. Since then price action has been printing lower highs repeatedly hinting at a larger bearish move to come.
We did enter last week on a short position and would still be active if price action did not come back to entry around 0.69000
Now we are looking for a retest of broken structure with strong bearish setups before entering short again. Look to target lower toward our major support around 0.67500
Overall higher timeframes are bearish but we saw a strong 4hour bullish trend push price action up to our major resistance zone around 0.70250 where we saw a key reversal happen.
At our resistance level we saw a double top then a lower timeframe transition to the down side. Since then price action has been printing lower highs repeatedly hinting at a larger bearish move to come.
We did enter last week on a short position and would still be active if price action did not come back to entry around 0.69000
Now we are looking for a retest of broken structure with strong bearish setups before entering short again. Look to target lower toward our major support around 0.67500