AUDUSD Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: AU is looking bullish on the 4hour timeframe because it is correcting a larger bearish impulse move. This means that we will be looking for our next Lower High near an area of confluence.
Ideally we want to see a reversal around our 38.2% fib level with strong bearish confirmations. If this happens we will look to target lower toward 0.74000 & our -27% fib level.
Trade scenario 2: For us to consider AU bullish again we would need to see a break of resistance around 0.76000 with a confirmed higher low above. Only then will we begin to look for long opportunities.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: AU is looking bullish on the 4hour timeframe because it is correcting a larger bearish impulse move. This means that we will be looking for our next Lower High near an area of confluence.
Ideally we want to see a reversal around our 38.2% fib level with strong bearish confirmations. If this happens we will look to target lower toward 0.74000 & our -27% fib level.
Trade scenario 2: For us to consider AU bullish again we would need to see a break of resistance around 0.76000 with a confirmed higher low above. Only then will we begin to look for long opportunities.