Potential AUD/USD 4HR Short Fib Retracement / Trendline Entry
After looking at the AUD/USD pair I could see that we have just come from a big bearish move and started to see price pull back up to this very significant monthly area of support turned resistance creating an A B C formation on the Fib Tool. As we can see both counter trend line and trend line are being respected price made a lower low and a lower high which almost touched the 38.2% but not quite which would suggest when this price moves it will be an aggessive move to the downside I believe. To confirm this we need a clear break of the counter trendline on the 4HR. If we see this I believe that the first target of 0.69300 will be very achievable.
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