GBP/AUD Short trade idea

28 kwi

An interesting ambiguous scenario on G/A.
The capacity of the sellers to at level 0 to continue the downtrend seems unlikely given the reaction of the buyers in the last up vector from level 1 labelled as a potential disruption of the notion of trend (unable to create a new lower low).
In saying that, around level 0 we have the breach of support that confirmed the beginning of a major downtrend [Yellow line], so will the prior demand zone turn supply this time around? or will be have a deeper retracement - a return to level 2 - before the continuation of the downtrend.

I'd be looking to see how price reacts on its return to level 0, if it gets there before continuing downwards.