Jnwsk
Short

AUDUSD Analysis Week of July 17, 2016

FX:AUDUSD   Australian Dollar/U.S. Dollar
Looking at the weekly chart AUDUSD             made a nice wick right at a major resistance level signaling the bulls are no longer in control and the continuation of the bear trend.

Looking at the daily timeframe there was a nice double top formed at resistance 0.76500

Since we are looking to short this week lets see how we can get in on the 4H chart.

There is a nice bear harmonic formation on the 4H chart for another confluence to confirm the downtrend. Assuming there will be a slight gap to the upside when markets open, the continuation down is imminent since resistance is right at its brink.

Next major area price can reach is 0.73500

Happy Trading!!
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