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AUDUSD Impulse Sell| Oversold Bounce| Daily S/R| Bearish PA

Evening Traders,

Today’s analysis – AUDUSD – impulse sell from swing high, further downside probable,

Points to consider,
- Trend bearish
- Daily S/R Support
- Local S/R Resistance
- Oscillators approaching oversold
- Volume below average

The immediate trend for AUDUSD is bearish due to impulse sells. This allows us to have a bearish bias on the market.

The Daily S/R is currently holding as support, price is likely to respect this level on the initial test.

Local S/R is the immediate resistance, respecting this level will establish a bearish retest.

Both oscillators are approaching oversold conditions, this is indicative of a short term bounce, relief rally before continuation.

The volume is currently below average, an influx is likely with accelerated selling.

Overall, in my opinion, AUDUSD is a valid short with defined risk. Price action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,

“You never know what kind of setup market will present to you, your objective should be to find opportunity where risk reward ratio is best.”
― Jaymin Shah