AUDUSD Daily Analysis 5/3/20
AUDUSD Short Idea
Last week we saw price action push up toward our key resistance around 0.65000 which was consistent with a strong bullish 4 hour trend.
Now we are seeing a bit of rejection from this level which fits the very bearish daily trend as well as higher timeframe trends.
If we see a clear break of 0.64000 then we can consider short positions.
If the overall bearish trend starts to take over here we could see a large push to the downside toward our monthly support around 0.60200
Last week we saw price action push up toward our key resistance around 0.65000 which was consistent with a strong bullish 4 hour trend.
Now we are seeing a bit of rejection from this level which fits the very bearish daily trend as well as higher timeframe trends.
If we see a clear break of 0.64000 then we can consider short positions.
If the overall bearish trend starts to take over here we could see a large push to the downside toward our monthly support around 0.60200
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