Mandeep.Singh
Short

AUD/USD - Short on the pullback

FX:AUDUSD   Australian Dollar / U.S. Dollar
47 0 8
I've been following this pair for the last couple of weeks and I believe we have a strong short opportunity. The reasons for:

1) On the weekly time frame, price has been generally bearish with lower highs. We came up to test a key level of resistance at 0.7700 and rejected it countless times. These rejections produced long upper wicks across multiple candles which indicates selling pressure.
2) Our last rejection produced a bearish engulfing candle which also broke the long term weekly trend line .
3) EMA/MA crossover on the weekly chart.
4) On the daily chart , price broke another key level of previous support at 0.7450 and has now retested as resistance at the close of last week with a shooting star candle.
5) On the 4 hour chart, we've been down trending with lower highs and lows.

I have a small counter trend line placed on the 4 hour chart, if price breaks this trend line with an EMA/MA crossover to the downside, we will be in a good position to short.
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