AUDUSD Looks like a good short IF it breaks lower. I first need more confirmation. I'd like to see a clear break and close below the 0.7910 level on the 4H chart. There was one at the beginning of the trading day (21/07/2017 4H GMT+2) but it bounced back up. On my personal trading platform I already got the signal to go short when this candle closed but my second signal (cross below 50 line on RSI (14)) didn't trigger yet which kept me out of that "fake out". Once I get that break lower on both the RSI and the chart itself I will be going short. Additionally, we already have some nice consolidation (but might also just mean the price is ready to break out to the upside). Something that does support the bearish bias is the divergence on the RSI in favor of the bears.
Comment
⋅
Price remains below 0.7950 - 0.7975 region so this scenario can still play out. However, if we do make a new high and close higher this becomes invalid.