AUDUSD Short (Short-term)

Though it seems like it's now forming a double bottom in the hourly chart (and I also have bullish bias in AUD overall, especially since it has been oversold for some time now), AUDUSD already broke the 2017 low (0.70500) and if this pair breaks past 0.70468 (-38.2 fib level in the weekly chart), I'm expecting it to go down further near 2016 low at 0.68489 (-61.8 fib level in the weekly chart). The possible escalation of the US-China trade war will also have an effect on AUD. Setting up a sell stop order few pips below 0.70468, with 1st TP at 0.70 psychological support, and 2nd TP at -100 fib level in hourly chart (some pips above 2016 low, to have buffer and avoid getting whipsawed in case this pair finally start going bullish). SL is gonna be between 61.8 - 100 fib level in the hourly chart (might adjust past 100 in case of more volatility, but not beyond the 38.2 level in the previous fibonacci).

www.reuters.com/arti...-china-idUSKCN1MX0E7
www.cnbc.com/2018/10...-fear-trade-war.html

Daily:

Weekly:


Confidence: B (need to manually close this position before USD news by Thu; any upcoming geopolitical news between US and China will have an impact on this pair)