AUDUSD- 4hr Counter-trend play
Updated
Techn Analysis: 7 4hr candles could not make a Lower low have price has terminated at 127% of the Fib extension on the Daily chart.
Double bottom on 4hr. This is a high risk trade as the 15min has a change of trend.
Looking for a move fib of the break down.
Price should retest confluence TL and 38.2% Fib correction level before more selling occurs.
Buy at 0.7264-0.7267 for the Asian fade up.
Sell from the levels 0.7340 or 0.7360 level when London Money comes into market. Target 1 -0.7226 Target 2 -0.72000.
Good luck. Just my idea.
Double bottom on 4hr. This is a high risk trade as the 15min has a change of trend.
Looking for a move fib of the break down.
Price should retest confluence TL and 38.2% Fib correction level before more selling occurs.
Buy at 0.7264-0.7267 for the Asian fade up.
Sell from the levels 0.7340 or 0.7360 level when London Money comes into market. Target 1 -0.7226 Target 2 -0.72000.
Good luck. Just my idea.
Note
Asia did not buy AUD - consolidation followed by London trying to push price down. Price has extended over 0.7264-67 level by 10 pips. Wait for a HH a close above 0.7284 on the hourly then a retest of this level before entering long. Or just wait for the short.
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