The down trend is still the main trend on AUDUSD daily time frame. I washed out by that pin bar trying to avoid full 1R loss with the aggressive rise. But eventually it breaks down and the testing area 0.724 now acting as resistant. And after the bounce up, AUDUSD failed to go higher so we have the chance to start load our short position.
It will be a more comfortable level to place the stop above the pin bar but the closer stronghold can't give an attractive r/r. So, as 0.724 is tested once and suppose it is now a good defence level, stop loss will place around 0.725.
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AUDUSD goes down straight to the previous low area(grey area), will see if it acts as support although volume profile doesn't show strength. If price break down easily to reach year new low, we don't take profit but rather try to catch the chance to ride the breaking new low trend. Gonna gain 1.5R even if it bounce back.
That's a great idea, I agree with your bearish view on AUDUSD, we have found resistance level at 0.7086 which is a horizontal overlap resistance.
Aditionally RSI and Ichimoku cloud is also facing bearish pressure
Glad that we have the same view on AUDUSD
Aditionally RSI and Ichimoku cloud is also facing bearish pressure
Glad that we have the same view on AUDUSD