Technician
Short

AUDUSD Resuming Bear Trend

FX:AUDUSD   Australian Dollar/U.S. Dollar
1038 17 9
AUDUSD             may be heading to resume bear trend, as price fails at the 200-days long term average, and 50 percent retracement for the whole bear trend. Forming a bearish head and shoulders reversal pattern. The price has confirmed a breakout of the pattern today below 0.9280 key support. Further downside within the context of the new bear channel is probable.

Looking to short rallies towards 0.9280. Near term conservative and Initial downside target at the 61.8 retracement of the bullish correction(0.8845-0.9757) at 0.9195 then 0.9042 and the main swing low at 0.8845.

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Mind the August high!
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snapshot


Probably a minor pullback for a retest then resumption
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imee_noni Technician
Technician, you have very good vision on analysis. its a word of appreciation for your work.
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Appreciate the kind words
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Technician TOP QuantitativeExhaustion
Thank JR :)
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I am amazed by the lower bound of the new bear channel! Also your technical prediction is amazing although the entry point (retest of the neckline) for a short trade has not occurred so far.
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Technician TOP huntingsniper
Thanks Huntingsniper, you are right a big decline without a real retest
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hi can you confirm a guide to retrace from this level i would really appreciate it thankyou!
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Technician TOP beavendavis
I cant tell you what to do, its just my view that i remain bearish below 0.9055-0.9060, but if price manages to settle back above 0.9060 i will consider a good upside correction.
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I really apreciate your help im a a newbie and sadly lost quite a bit today so its important i try my best thanks so much
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Technician TOP beavendavis
Good luck, take care
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beavendavis Technician
when your caught in the middle and its a lot of money is it best to just shut the trade down and keep whats left intact ? ive been so dumb
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Technician TOP beavendavis
You shouldn't put your self in such situation, you should plan your trade before entering, knowing when to exit either with loss or profit. I am sorry I cant advise in such situation. Good luck
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Technician TOP beavendavis
I posted a short term view
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