There is a bullish trend on the WEEKLY timeframe for the AUDUSD pair.
On the DAILY timeframe there has been a couple of different support and resistance ZONES.
On the H4 timeframe we can see the 1 and 2 ZONE.
Currently, the price has extended to no man's land.
The final candle shows that there may be some bearish pressure as indicated by the bottom wick.
Hi Traders, here is my set up for AUDUSD pullback short! I marked out the market structure break before it happened, but forgot to publish it.. now we have this on the lower timeframes, this looks like it could be good to go! What do you think?
Short taken on Friday.
noticed the 3rd trend line touch, alongside the formation of a tweezer top at the 50% fib level.
The MA's have also just crossed indicating downside momentum when you go down to 2H time frame, which i entered off after a counter trend line break.
entry @ 0.7318
stop - 0.7370
tp2 - 0.0750
1:3 risk reward
USD strength expected to continue.
price recently broke daily support and re-confirmed this as resistance (orange line)
before moving lower.
Higher TF support break missed, so looking for short entries on hourly support/resistance levels.(green lines)
entered at 0.72400, suspect this to form resistance and TP at lower previous hourly support.
If you seen my last Aussie post you would have seen that market did in fact come up into my target area and produce multiple rejections for an entry and is now in decent profit.
However if you did not spot the opportunity then if the market can comeback up and retest the double top structure formed then a decent rejection of that level will also provide a decent...