AUD/USD Breakout and Pullback

The AUD/USD 1H chart is showing a clear example of a breakout, followed by a corrective sequence back to the previous breakout level. In terms of shorter term momentum, the pair is looking very bearish indeed, as illustrated by the fact that the recent big selling candle was the equivalent move of what recently took 6 selling candles to achieve. Therefore, a break of the ascending line will trigger a momentum based short for us.