AUDUSD: Anticipating a Sell-off Towards 0.71065
Willing to define the directional bias in AUDUSD, all I did was to take a look at the higher timeframes of the market and focus on structure levels. Since the 0.73940 level price has been in a sell-off, dropping making no corrections. On its way to the down price breached below the 0.72000 key support level setting us into a bearish context.
Another factor we may consider is the stop run occurred at the 0.72400 level. After a short-term consolidation price breached above 0.72400, taking out stops, only to collapse in a matter of time. Smart money push price to the down. Most likely, another key level they can make business is the 0.72035 resistance level. Stops are sitting above the level.
Keep a close eye for a stop run above 0.72035 level. In such case consider going short aiming for the next obvious support level – 0.71500
Another factor we may consider is the stop run occurred at the 0.72400 level. After a short-term consolidation price breached above 0.72400, taking out stops, only to collapse in a matter of time. Smart money push price to the down. Most likely, another key level they can make business is the 0.72035 resistance level. Stops are sitting above the level.
Keep a close eye for a stop run above 0.72035 level. In such case consider going short aiming for the next obvious support level – 0.71500
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