AUDUSD - Downtrend Continuation move anticipated from the retracement.
Great opportunity to short the market.
Weekly time frame provides sufficient confluence of the downtrend and retracement raly down opportunity.
4H time frame on the other hand provides entry reason because consecutive bearish candles.
Decent risk/reward ratio with potential with second target.
Looks like the swing highs and lows are all following a descent pattern or some sort of channel.
Hoping that another swing high happens so I've placed a limit order with a considerable enough stop loss and a big take profit however, once price hits take profit, it should bounce back up due to previous support level and that the trendline shows lots of support...
USDJPY on H4 chart is in a downward trend, where lows and highs are at lower and lower levels. Last week there was a correction of bearish impulse which began on June 2nd. This correction has reached confluence of resistance, where horizontal area 110.65 converges with downward trend line from 11th of May this year.
In that place bulls gave up and pair returned...
Just sold AUD/USD into the direction of the underlying downtrend.
- Price is currently trading at a major downtrend line
- Price continuously trades lower. Indicated by red & pink support lines
- 240H shows kind of triple top + Candlestick pattern