Large Bearish Engulfing Bar & Likely ST Top in AUD

FX:AUDUSD   Australian Dollar / U.S. Dollar
428 8 7
After an impressive two-legged run, the AUDUSD             is forming a daily bearish engulfing bar, and has already printed one on the 4hr charts which you can see above. The false break above the key level at 9627 and subsequent break back below suggests likely topping and profit taking. Also the negative news out of China overpowered the better than expected #s out of Australia. Thus, likely a combination of heavy profit taking, plus new sellers in early London/Europe coming into the market on the bearish Chinese news.

I'm suspecting short term the pair will remain bearish , so will look to sell any corrective pullbacks towards the resistance zone between 9675 and 9703
Absolutely fantastic analysis.
Thanks Lester - glad you liked it
Very Good Analysis. Worked as planned. Getting closer to the target.
2ndSkiesForex Ryan Tyler
Thanks mate. Indeed its working as planned as the pullback rejection was suspected as the best entry. If 9606 can hold the upside, then I suspect more downside for today.
Exactly right.
2ndSkiesForex ForceFollower
Hello Force Follower - yes, this trade worked out pretty much as planned. There was also a breakout setup on the move below 9606 that was good for a quick scalp of 20 pips. But hopefully you got in on the pullback.
ForceFollower 2ndSkiesForex
Honestly, I missed it as I ususally miss the Asian session. But it seems like the AUD, which had so far been everybody's darling, has become an abandoned baby... Every retracement upward is weaker than I expect it to be. Even against such a weakling like the US dollar...
2ndSkiesForex ForceFollower
Short term buyers are stepping in and have cleared intraday resistance. Am sitting aside as I closed my short for decent profit. If the rally weakens towards resistance zone and intraday highs, then will consider another short.
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