AUDUSD Short idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Overall we are still bearish and will be looking for short opportunities until we see major bullish momentum
Trade scenario 1: We can see indecisive price action sitting at our key monthly zone so we can identify two potential short scenarios.
Price action pulls back to test the recent broken 4hour zone at 0.71000 and reverses with strong bearish confirmations. Look to enter on a moving average cross after the reversal at 0.71000.
Price action breaks through our monthly support. Look to enter on a confirmed lower high below this zone. Target lower toward major support.
Trade scenario 2: Bullish momentum steps into the market and we see this pair turn bullish again. To enter long we want to see a significant break and retest of 0.72000. Look to enter long on a higher low above 0.72000 and target toward major resistance levels.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Overall we are still bearish and will be looking for short opportunities until we see major bullish momentum
Trade scenario 1: We can see indecisive price action sitting at our key monthly zone so we can identify two potential short scenarios.
Price action pulls back to test the recent broken 4hour zone at 0.71000 and reverses with strong bearish confirmations. Look to enter on a moving average cross after the reversal at 0.71000.
Price action breaks through our monthly support. Look to enter on a confirmed lower high below this zone. Target lower toward major support.
Trade scenario 2: Bullish momentum steps into the market and we see this pair turn bullish again. To enter long we want to see a significant break and retest of 0.72000. Look to enter long on a higher low above 0.72000 and target toward major resistance levels.