Overall Trend: AUDUSD has been on a downtrend for more than a year, so my bias for this pair has always been very Bearish.
Daily: Market has touched the decending trendline for the 3rd time now, showing signs of bearish power. The evidence of this is displayed in the rejection off the fibo critical level of 78.6%, which also happens to be a strong Supply Zone. The short term bullish correction trend has been broken by a bearish candle, signalling a change in market power.
Trade Idea: Risk to reward ratio looks good on this pair. Even a 1:2 meets the LTF structural TP levels.
Trader's Arena FX
Daily: Market has touched the decending trendline for the 3rd time now, showing signs of bearish power. The evidence of this is displayed in the rejection off the fibo critical level of 78.6%, which also happens to be a strong Supply Zone. The short term bullish correction trend has been broken by a bearish candle, signalling a change in market power.
Trade Idea: Risk to reward ratio looks good on this pair. Even a 1:2 meets the LTF structural TP levels.
Trader's Arena FX