AUDUSD was one of my favorite pairs to watch last week as we had 2 of my favorite patterns (Head & Shoulders & Descending Triangle) completing at the same location. Since then we've gotten our breakout & now the market is offering another opportunity to get involved.
After the initial pullback into the breakout point/neckline, price put in another new structure low confirming the move before ending the week with another pullback test. The thing to note on this pullback is that price, not once but twice tried to violate the highs before getting aggressively rejected which is a positive sign for bears.
The bearish projection is still our previous lows from mid July.
If you have any questions about this idea please let me know in the comment section below. And of course I would love to hear your views as well.