AUDUSD confluence will influence

FX:AUDUSD   Australian Dollar / U.S. Dollar
371 0
We have an area of great confluence not far above current pricing. If we get there it may be a lower risk higher reward short trade.
weekly trend line , daily pattern, 4 hour pattern, 1 hour pattern. "e" wave of a 5 wave 4 hr pattern. 1.618 extension of 3 impulses.
Price could break down before we reach this level. I will look for a strong 4 hr candle to break the blue 4 hr trend line and a small correction to short to the green pattern line (dashed). *note if price action breaks the swing high at .7676 the green daily pattern line will become a daily trend line .

If price break the weekly trend line (orange) and gives a shallow pull back on the daily TF look for further up movement.
Watch the DXY as this will give guidance with this pair and gold .

Educate yourself, create a trade plan, validate your trade plan with other traders ideas. Own your trade good or bad.

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Trade active
Trade closed: stop reached
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