AUDUSD high probability short

FX:AUDUSD   Australian Dollar / U.S. Dollar
Hi traders,

On the AUDUSD             daily chart I'm looking for some bearish action around the 0.78 area. We can see that price hasn't reached the 127.2% Fibonacci extensions yet, so I expect price to go there soon and then turn bearish .
We can see two AB=CD patterns and three 127.2% Fibonacci extensions and previous high clustered at the same area. There is also a 38.2% Fibonacci retracement of the major move . This is the reason the amount of pips for the stoploss is pretty big. This indicates a high probability of rejection off that area.
Entry: 0.77906
Stop: 0.79354
Target: 0.73573 = R:RR 2.99

Best of luck! I will update all my posts of anything interesting happens.
Nice man! keep it up mate
+1 Reply
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