AUDUSD - DESCENDING PARALLEL CHANNEL

Good Afternoon People...


Today, I will be providing [I]Technical Analysis for the AUDUSD


To begin I would like to provide a brief 'Top-Down' from the Monthly through to the H4
Although, being new to TradingView It is not possible for me to provide the necessary chart images for all the timeframes utilised.
Currently, I am only permitted to provide 1 chart image - Therefore, I will provide the Daily as I execute the majority of trades on this timeframe.
So, I am afraid you will have to use your imagination for the other timeframes - Unless you message me and I would be more than happy to provide :)


Now that's out the way - Lets get stuck in...


Looking at the Monthly Timeframe, I have marked out a Bearish Trendline - This connects the 2 highs
This particular Trendline is also respected on the Weekly Timeframe

Moving on to the Weekly - I have identified a Double-Top[/I] [0.17891]
What is quite compelling is that, this Double-Top met with the aforementioned Bearish Trendline and Horizontal Resistance
Now that's the type of [I]confluence us traders are looking for right?

So, yeah - We have that, and the AUDUSD dropped in style - Printing Lower Lows/Highs for several weeks
Furthermore, we can see that price pushed through the 0.726 support zone and last week returned to the zone and rested with as Pin-Bar

With this bearish connotation in mind - I moved down to the Daily Timeframe and began to look for selling opportunities


Instantly, I identified a Descending Channel[/I]
Following this, I marked out additional S&R [/I] - identifying the confluence of the support @0.699[/I]
Price has recently bounced from this and began heading north
This being marked out as an Ascending Channel/Bear Flag - Which is also respected on the H4


Now this is where it becomes interesting and may I say exciting ....

For me - I have my eyes on the confluence of the multiple resistance at work @1.7316 [Resistance of Horizontal Level, Descending Channel, Ascending Channel and not to forget the Weekly Pin]

This is where I will be looking for short opportunities in the near future...

Alternatively - If price breaks down below the Ascending Channel/Bear Flag Support - I will still be looking for price to return to the confluence @1.7316 zone


Well that's about it for this one guys - I will be providing updates
And, if you need the Monthly, Weekly & H4 timeframe images - Let me know [Cane we DM on here at all] or just leave a comment for them and ill see what I can do


Thanks for tuning in - Its been a pleasure