AUDUSD - DAILY CHART - SELL SETUPAudUsd - Daily time frame. I see a pullback on dollar index so I am expecting USD strength and this pair to drop another swing down.
Aussiedollarsell
Daily TF: AUDUSDI believe t is ranging,
so to "play the game", without fundamentals nearby can mean repetition is on the way to the downside for months waiting time for gain.
Back to Basics Basic setup on the 4H AUDUSD Chart, 4 main things causing me to have a bearish bias:
1.) lower highs and lower lows : 3rd trend line touch of overall bearish move
2.) .618 retracement of recent swing : "golden" fib ratio, high quality setup
3.) double top on 1H price action : prz acting as resistance
4.) daily & 4H bearish hidden divergence
This trade already presents a favorable risk to reward scenario; simply putting stops above the previous swing high & targets at the swing low will automatically yield approx 1.3R. Ideally I'm looking for an ABCD completion (0.70000 area, psychological level), and possibly a third target at the next swing low/demand zone near 0.68265.
Wishful thinking.
