AUDUSD - Short trerm Bearish

FX:AUDUSD   Australian Dollar / U.S. Dollar
939 12 10
Some AUD events due shortly. Chart looks perfect for potential spike high in price and reversal to complete this falling wedge with downside target of 0.85. This fits well with AUDNZD             pair bouncing and NZDUSD             also potential short. Uot of the 2 pairs I think NZDUSD             have more potential to the short side.
Do notice a divergence on weekly

KevinT KevinT
This divergence should favour the bulls.
DanV KevinT
I see the divergence you are referring to. However, I am not sure if I agree with your interpretation for this divergence. This weekly chart, hence a downtrend, in which if you get higher reading on indicator but LH on price then it is considered hidden divergence in which case it suggest continuation ie revert back to downtrend even if that just results in a retracement of the move up from low. So at minimum there is price weakness in store. Thanks for your comment and sharing your chart. I appreciate it.

Just a thought
DanV KevinT
Yes, I see that clear up trend channel. However, the momentum is being lost and should it fail to pick up speed then the up trend could be over at least for some retracement or as I see it new LL. Thanks for your interest in my chart analysis and you comments.
Just having fun trying to confirm chart patterns with MAs and support levels. No view on EW count here. And I must admit I stick to loosing longs trying to find any hope in charts.
I agree, it is a difficult one. Price has continued little further than originally anticipated when I first published my chart. I think the interim top is in and what appears to be a handle of your C&H pattern might not form. If it does then you will have excellent long trade. We will have to wait and see. Thanks your your comments.
If it decisively breaks .93105 than I close my loosing trades and go short. My hope lies with MA100 and MA200 converging along the monthly pivot level. Pretty strong support. May bounce just a little bit to allow me closing my longs with profit.
and the move down so far looks corrective to me subdividing in a-b-c waves.
I was going to retire this chart pending review. However, I am satisfied that for now it should continue and that the larger time frame trade is still valid even though we have gone little further than originally expected. Here is the update chart.
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