AUDUSD Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are clearly overall bearish on AUDUSD but price action has been bouncing between 0.68000 resistance & 0.67000 support for a while.
The most likely scenario is a bearish continuation. Look for strong reversals from 0.68000 to then target lower. We are technically in a range so high quality price action setups only will be considered close to 0.68000
Trade scenario 2: For us to shake the bearish trend and consider AU more bullish we would need to see a massive rally that breaks 0.68500. This is where we have significant 4hour bearish structure that needs to be broken.
After a break of 0.68500 we want to see bullish structure above 0.68500 in the form of a higher low.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are clearly overall bearish on AUDUSD but price action has been bouncing between 0.68000 resistance & 0.67000 support for a while.
The most likely scenario is a bearish continuation. Look for strong reversals from 0.68000 to then target lower. We are technically in a range so high quality price action setups only will be considered close to 0.68000
Trade scenario 2: For us to shake the bearish trend and consider AU more bullish we would need to see a massive rally that breaks 0.68500. This is where we have significant 4hour bearish structure that needs to be broken.
After a break of 0.68500 we want to see bullish structure above 0.68500 in the form of a higher low.