AUDUSD short setup:
This pair has recently sold off from the third touch of daily trend line it seems to have formed. Price has been somewhat ranging and currently seems to be forming a bearish flag/wedge like pattern. Price bounced from support and may have completed its C retracement at the 50 fib level which is confluent with the daily 200MA, however there's a possibility it could go higher. I will be looking for shorts on a break and retest of the CTL and there will be opportunities to add to the position on a break and retest of support. Short term targets= 2015 lows, Mid term= 0.7400 area at -27 fib extension and overall longer term looking down to 0.7150 area which is the height of the current range added onto the break of support.
This pair has recently sold off from the third touch of daily trend line it seems to have formed. Price has been somewhat ranging and currently seems to be forming a bearish flag/wedge like pattern. Price bounced from support and may have completed its C retracement at the 50 fib level which is confluent with the daily 200MA, however there's a possibility it could go higher. I will be looking for shorts on a break and retest of the CTL and there will be opportunities to add to the position on a break and retest of support. Short term targets= 2015 lows, Mid term= 0.7400 area at -27 fib extension and overall longer term looking down to 0.7150 area which is the height of the current range added onto the break of support.