AUDUSD Short idea
Higher timeframes are bearish although the 4hour has been extremely bullish up until our 0.70400 resistance zone
At this level we saw a reversal with a confirmed Lower high & double top pattern
From the current level we have two potential scenarios of how price action could play out
1.We see price action continue to push lower with strong bearish momentum. Look to target toward our next major support around 0.67500 (Trade Path #1)
2.Price action pushes higher and breaks 0.69000. Look to enter long on a higher lower above this level followed by strong bullish setups. Target toward our higher resistance level around 0.70500 (Trade Path #2)
Higher timeframes are bearish although the 4hour has been extremely bullish up until our 0.70400 resistance zone
At this level we saw a reversal with a confirmed Lower high & double top pattern
From the current level we have two potential scenarios of how price action could play out
1.We see price action continue to push lower with strong bearish momentum. Look to target toward our next major support around 0.67500 (Trade Path #1)
2.Price action pushes higher and breaks 0.69000. Look to enter long on a higher lower above this level followed by strong bullish setups. Target toward our higher resistance level around 0.70500 (Trade Path #2)