AUDUSD Sell Setup
On the monthly we are still in a current fib sequence.
There was a shallow retracement to the 23.6 and price stalled at the 1.27 D extension.
Typically, we could see a deeper retracement atleast to the monthly 38.2.
If price holds resistance and swing high is formed at current 61.8 retracement level on down fib, I believe we could see price drop another ~615 pips to reach monthly 38.2,
Price will need to break last low of .71000 for this to happen.
There was a shallow retracement to the 23.6 and price stalled at the 1.27 D extension.
Typically, we could see a deeper retracement atleast to the monthly 38.2.
If price holds resistance and swing high is formed at current 61.8 retracement level on down fib, I believe we could see price drop another ~615 pips to reach monthly 38.2,
Price will need to break last low of .71000 for this to happen.
I anticipate price to move up ~100 to 150 pips before a selling opportunity is presented.