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.