Nice identification of the shark pattern on AUDUSD and there may be bearish bias as you have identified. For our set up, we have identified the key resistance and support levels. The resistance that we have identified is at 0.7094. It is a horizontal pullback resistance, with 61.8% Fibonacci extension and 38.2% Fibonacci retracement. Stochastic is approaching its resistance and we might see a corresponding drop in price should it react off this level. If a corresponding bounce does occur, we may want to look at the 0.7045 support level. It is a horizontal swing low support. Excited to see how things develop.
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My take is it's still a double bottom for me, i'm not going to say yes or no, but if I'm looking for short, at resistance 1, i need to see my signal candle and addtional confirmation, whichever confirmation you dearly use. else at 2nd resistance might be a better level to look for a shorting oppotunity.
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