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Price respected descending channel for months with few extensions outside the S&R of our channel -faking breakouts.
Our long term bias is short, so a good entry would be at our recent supply zone which could be the next extreme of our channel for better risk reward ratio.
Price respects support and resistances on our weekly time frame channel with few extensions outside - faking breakouts.
Good to look for buy and sell positions on the outside extremes of our channel S&R for better risk-reward.
USD is strong next week and we have a good possible head & shoulders pattern on our AUDUSD on H4. We can call to go short when the price bounces back on our resistance levels to form the right shoulder.
We broke through our previous support level 1.31847 last week on H1 chart, Preferably if we get a pullback to the upside for retest of broken support level, we can go short down until we reach our next support level where we look to BUY on the long term.
Analysis on EURUSD. On H4 bullish pinbar pierced the 38.2 on fibo and 21 EMA. On H1 bullish engulfing formed on lower bollingerband. Also there is a possibility it might retest lower on level 50 on fibo right in the middle of our support area.