AUDUSD is in the perfect place to look for shorts. The head and shoulders has is currently playing out and we got a sweet correction under the neckline. Wait for the correction to break and enter with stops above the correction.
Very nice and almost same, my chart is 8H Time Frame
loudon3
⋅
Thanks again, @Wicktator, for sharing this setup. Starting on the Monthly chart, we see a major Resistance zone around the BRN of 0.80000, which forms a Flip Zone on the chart. Price has been moving sideways for over 3 months now around the 38.2% Fibo retracement level of the last major run down that started in mid-2011. This month, however, price has made a Bullish move North off that Fibo level, continuing the Bullish move that started back in 2020. Last week saw a 150-PIP move Northwards on the Weekly chart., engulfing the real bodies of the previous 4 weeks of Weekly candles. Zooming in to the Daily chart, Price Action still seems very Bullish at the moment, with just today’s Daily candle looking a bit weak, but still with a longish lower wick. Next hurdle is 0.77695, the 50% Fibo retracement level of the most recent run-up of the last couple of months. I don’t see any Daily deceleration candles that would suggest a move South in the near future. Let’s see how price reacts to the 0.77695 level, then the picture should become clearer.