Price is in an aggressive trend on AUD/USD as shown by its location in referece to the moving averages. The present setup takes advantage of this aggressive downtrend backed by a shallow retracement into a previous level where price has found resistance (0.7070). Resistance is also seen at the 8 ema and raised seller interest is evinced by the formation of a high test bar which appears to be closing below the ema. There is convergence on the Stochastic and RSI indicators.
entry - below low of today's high test close
stop loss - above high of today's high test close
target - previous low or lower
entry - below low of today's high test close
stop loss - above high of today's high test close
target - previous low or lower
