This currently looks like a good shorting opportunity and i have personally taken this trade.
The reasons why i have taken this trade are.
1. Its hit a EMA on the 4 hour chart.
2. Its his a area of value which is resistance which is the green line.
3. The 4 hour chart is in a nice smooth downtrend.
4. My entry was the big red engulfing candle.
My take profit...
The 1 hour chart is showing a nice bearish move to the downside. The chart has show rejection at the horizontal line and formed a nice red bearish candle with a decent pin. It has tested the strong weekly resistance and looks like it will go bearish.
The current price may fall down to the TP area and may continue looking like a great trade. I have taken this trade a bit earlier than i have signalled here but i still think its a great opportunity to take this trade even though the stop loss is quite big (do a smaller lot size)
The AudUSD is coming up to a strong resistance level on the 1 hour and 4 hour charts. It has given nice price action. There is also a nice engulfing candle on the 1 hour and a pinbar on the 4 hour chart.
There is a chance a long position might be open for a trade. The 4 hour is current showing a nice pinbar at a strong support level. It is a down trend but you can still possibly get a few pips from this move. It is also a chance it might break the triangle formation to the upside which then could bring in some nice profits.
This is only my opinion trade your...
Using the bollinger bands as a guide and price action i am coming to the conclusion we might see a little rise here were you can make a few pips. The pin bars are also helping me decide that the trend maybe will follow this line and heap upwards.