AUDUSD looks like its struggling to get down past this level yet again. could be a chance to grab some quick profit.
Or it may go longer term and move higher. But with the rate cuts its highly unlikely
Id be definitely looking for a move up to 0.674-0.675. Then it may look to reverse and move lower.
Any questions feel free to ask.
Nice counter trend trading opportunity here. Why?
1. We have fibonacci confluence from a previous high @ 618
2. RSI is overbought
3. ABCD completes close by
4. We are at a strong trend line support
5. We also have a diagonal trend line resistance (not currently drawn on) which would support the shorting bias.
Depending on your strategy you might require some...