Heading lower for now.

FX:AUDUSD   Australian Dollar / U.S. Dollar
77 4 0
AUDUSD             held up for the early part of the week and finally got a lift from news which was sold off hard the rest of the week and closed the right at the lows.

I am looking for a rise up in into the 8740 area which is last weeks Value area low. It also corresponds to a lows to lows extension fib setup. I like when these levels correlate so well. I will look to sell this level expecting new lows at 8620. I will short until shorts break no sense in trying to pick a bottom.

If we break above 8760 the market will likely bounce back and forth between the weeks POC and lows for a while and build value down here before a very large move up to the upside to 8967 area. Once we reach 8967 I will be looking to short for a huge move right back down to the 8500 area. Check out the market profile for the bigger picture on this setup. Basically lots of value overhead with the monthly POC in that area. I will likely make a better post about this idea once the shorts actually break and the larger setup starts to playout. For now short until it fails.

Market Profile:
If shorts break we will likely chop around before heading up to 8967 are near the lower edge of the grey box.
Yeah I'm with you on selling the bounces, AUD has been more favorite to trade since the confirmation of the head and shoulders back in November last year.
We'll probably have low volume on Sunday, leading up to the 9am CST US Home Sales cable; so it's likely to go sideways prior to.
Maybe this technical analysis fits well however the fundamentals are pointing towards a steep continuation of the sell-off. With high impacting news to be released on literally every day this upcoming week, the news will dictate any moves AUD/USD makes. Many are hawkish US data and dovish on China and Australia's performance; while anything can happen and no one knows for sure what the cables contain, the general sentiment is bearish AUD and bullish USD.
MeasuredMove Daytrader22
Hence my big IF....If shorts break. Until then I will continue to short. I am looking to sell 8740 level.
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