jrashaadtrades
Short

AUDUSD Update From Yesterday's Call

FOREXCOM:AUDUSD   Australian Dollar / U.S. Dollar
I said, here, to pay attention to those wicks, didn't I? Well, price action was unable to break up through the Fib Confluence zone and broke below the trendline . Price is now in discussion with 50.0% Fib Retracement level. I went short @ 0.78567, currently up +43.1 pips. A definitive break below the Demand Zone & the 61.8% level will solidify the trend change. I'll be keeping an eye on price progression next week.

Alternatively, price could find support around that Demand area, putting in what could potentially be the right shoulder of a H&S pattern.
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