davidleekuanyong
Short

AUDUSD 4hr potential downtrend?

FX:AUDUSD   Australian Dollar / U.S. Dollar
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1
For the past few trading weeks, AUDUSD formed lower highs in 4hr chart. In addition, there is a couple of bearish candles formed at resistance 0.75430-400. With this info, I believe AUDUSD will resume its downtrend. Downtrend targets are 0.382, 0.5 and 0.618 fibo retracement levels.

If prices breaks above 0.75400, it will invalidate my downtrend analysis.

I initiated a short at 0.75230. Risk management at 0.75430. Target for the time being is 0.74830.

This is not a buy/sell call. Please confirm with your own trading strategy.
Trade closed: stop reached

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