short AUD/USD
Forming Bias:
5/2/2021
Monthly: price is overextended and showing signs of reversal after touching a previous high.
Weekly: price rejected from the previous high and retraced to make a head and shoulders and at the peak of the right shoulder made a evening star.
Daily: price is rejecting from the last tested high in a down trend. now looks like it is reversing.
Bias: I expect price to be bearish until it finishes the retracement on the one month at .74 I will have a partial take profit at .755.
4hour looks like it is over extended so I will wait until it retraces on the 4 hour to get a better entry.
Reasons for entry:
4 hour retracement looks to be over when it made a lower high at the 61.8 fib and is making stronger bearish candles after slowing momentum followed by a bearish engulfing at a previously tested level.
DXY making higher highs and higher lows
5/2/2021
Monthly: price is overextended and showing signs of reversal after touching a previous high.
Weekly: price rejected from the previous high and retraced to make a head and shoulders and at the peak of the right shoulder made a evening star.
Daily: price is rejecting from the last tested high in a down trend. now looks like it is reversing.
Bias: I expect price to be bearish until it finishes the retracement on the one month at .74 I will have a partial take profit at .755.
4hour looks like it is over extended so I will wait until it retraces on the 4 hour to get a better entry.
Reasons for entry:
4 hour retracement looks to be over when it made a lower high at the 61.8 fib and is making stronger bearish candles after slowing momentum followed by a bearish engulfing at a previously tested level.
DXY making higher highs and higher lows
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