AUDUSD Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Definitely VERY bearish here on AU and we are also a bit over extended.
Ideally, the best scenario would be to retest 0.72000 & our 38.2% fib level with a confirmed lower high that we can then enter short on. Look to target lower toward our monthly support around 0.70000
Trade scenario 2: For us to consider AU bullish a lot needs to happen because technically price action can retrace to 0.73000 and still be bearish according to higher timeframes.
So the most conservative long scenario would be a higher low formation above 0.73000.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Definitely VERY bearish here on AU and we are also a bit over extended.
Ideally, the best scenario would be to retest 0.72000 & our 38.2% fib level with a confirmed lower high that we can then enter short on. Look to target lower toward our monthly support around 0.70000
Trade scenario 2: For us to consider AU bullish a lot needs to happen because technically price action can retrace to 0.73000 and still be bearish according to higher timeframes.
So the most conservative long scenario would be a higher low formation above 0.73000.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.