AUDUSD Short Setup trade -MANY REASONS STARTING WITH MONTHLY TIMEFRAME 0.7740 MASSIVE RESISTANCE -0.7740 REJECTED MANY MANY TIMES HEAVY SELLING AREA -DAILY TRENDLINE BROKEN -TARGETS ARE FIB LEVELS -RISK REWARD GREAT -NO MORE THAN 2% RISK -BROKE AND CLOSED BELOW WEEKLY LEVEL OF SUPPORT NOW RESISTANCE 0.7560 -50 EMA BROKEN BEARISH ON ALL TIMEFRAMES -POTENTIAL HERE FOR BREAK THEN RETEST OF THE WEEKLY RESISTANCE AND TRENDLINE FOR FURTHER DOWNSIDE MOVEMENT -BIGGER PICTURE BEARISH -WEEKLY HAMMER CANDLE
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MONTHLY KEY AREA OF RESISTANCE SHOWN AS RED BOX
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WEEKLY HUGE HAMMER CANDLE BEARS LOOK TO BE TAKING CONTROL
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Notice the 50ema makes for great entries to add to shorts :)