AUD/USD Potential Short Entry 4HR Counter Trendline Fib Retrace
After doing some techincal analysis on this pair and monitoring the movement. Last week we broke a key area of monthly support now resistance (0.70500). The buyer tried to retest this area with a huge engulfing candle but couldnt get enought momentum as price has moved downwards ever since and also tapped the 78.6% retracement. We can see a clear counter trendline forming and a slight head and shoulders formation. Not a perfect head and shoulders but a good enough confluence that this pair could see more downside. I would be waiting for a clear 4 hour break and close of this trendline with clear bearish price action and an EMA crossover. Waiting to see what the market does next.
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.