AUD/USD Short 4hr - The Ol' Hold n' Trail Stop

Similar to EUR/USD, Aussies ascending channel structure is showing bullish weakness at 0.67460, a Double Top at a .618 retracment level from our previous structure highs at 0.71200 signaling us to short the market at the nearest levels resistance in the 1hr time frame from our last structure high at 0.67800 revealing to us previous structure resistance is now support and we are looking to confirm that support at 0.67160 which will be a .381% retracment. Some minor indecision was expressed at this level, highlighting its area of significance and the candlestick formations but enough of a "spill" was given to us by by the forming of new lows. By following our fib retracment rule we were able to execute a trade risk that was 3.1 Pips : 56.2 Pips a 1:9 Risk Ratio.

Comment:

Price action will most likely remain bearish until 0.65000 where some relieve or pullback is expected to take place before making new lows.