AUDUSD Bearish Idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Price action finally fell out of a daily range and is forming a large bearish leg. From the current level of support we really only have two options, bounce or break.
Ideally we want to wait for structure formation to confirm the new bearish trend so we will be looking for price action to pullback to a key fib level and potentially other confluence.
Look to enter short after we can confirm a lower high below 0.76000.
Trade scenario 2: For us to consider AU bullish again we need to see a rally through resistance at 0.76000 with a higher low above.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Price action finally fell out of a daily range and is forming a large bearish leg. From the current level of support we really only have two options, bounce or break.
Ideally we want to wait for structure formation to confirm the new bearish trend so we will be looking for price action to pullback to a key fib level and potentially other confluence.
Look to enter short after we can confirm a lower high below 0.76000.
Trade scenario 2: For us to consider AU bullish again we need to see a rally through resistance at 0.76000 with a higher low above.