AUDUSD Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: All timeframes are overall bearish and on the 4hour we are picking up momentum, it seems.
Based on current price action the most likely scenario is that we continue with the trend and break support around 0.70000.
We are definitely overextended and are due for a pullback but recent volume is mostly from DXY correlations.
Trade scenario 2: For us to find structure on this pair we need price action to pull back to the 0.72500 resistance level and form a lower high.
Look to continue bearish if this happens.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: All timeframes are overall bearish and on the 4hour we are picking up momentum, it seems.
Based on current price action the most likely scenario is that we continue with the trend and break support around 0.70000.
We are definitely overextended and are due for a pullback but recent volume is mostly from DXY correlations.
Trade scenario 2: For us to find structure on this pair we need price action to pull back to the 0.72500 resistance level and form a lower high.
Look to continue bearish if this happens.