AUDUSD Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Definitely VERY bearish here on AU and we are also a bit over extended.
Ideally, the best scenario would be to retest 0.72000 & our 38.2% fib level with a confirmed lower high that we can then enter short on. Look to target lower toward our monthly support around 0.70000
Trade scenario 2: For us to consider AU bullish a lot needs to happen because technically price action can retrace to 0.73000 and still be bearish according to higher timeframes.
So the most conservative long scenario would be a higher low formation above 0.73000.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Definitely VERY bearish here on AU and we are also a bit over extended.
Ideally, the best scenario would be to retest 0.72000 & our 38.2% fib level with a confirmed lower high that we can then enter short on. Look to target lower toward our monthly support around 0.70000
Trade scenario 2: For us to consider AU bullish a lot needs to happen because technically price action can retrace to 0.73000 and still be bearish according to higher timeframes.
So the most conservative long scenario would be a higher low formation above 0.73000.