Left chart.
AUDUSD is in an overall Downtrend. As the Monthly shows a structural lower low. However over the past few weeks it’s been in an uptrend to a key PRZ area.
Middle chart
Last week price confirmed a Daily bearish engulfing at the 61.8 retracement PRZ level. Which means that I should now be looking for at least some short term sells.
While the 4Hour has already given me bearish signals such as, a break of my correction trend line, a moving average cross do the Down side, and price failing to make a higher High.
Right chart
As I go down to the 1H, I have some confluence for a trend reversal setup, price just made a Lower low and now I’m looking for a retest at the structure resistance. I have confluence with a 38.2 prz level, Weekly Resistance, and possibly the touch of a trendline.
All I need is a reversal set up on a lower timeframe and I’m in.
My stop loss will be roughly 20-25 pips and my target is around 73890/A key reversal area for the daily.
A possible 4:1 risk/reward
AUDUSD is in an overall Downtrend. As the Monthly shows a structural lower low. However over the past few weeks it’s been in an uptrend to a key PRZ area.
Middle chart
Last week price confirmed a Daily bearish engulfing at the 61.8 retracement PRZ level. Which means that I should now be looking for at least some short term sells.
While the 4Hour has already given me bearish signals such as, a break of my correction trend line, a moving average cross do the Down side, and price failing to make a higher High.
Right chart
As I go down to the 1H, I have some confluence for a trend reversal setup, price just made a Lower low and now I’m looking for a retest at the structure resistance. I have confluence with a 38.2 prz level, Weekly Resistance, and possibly the touch of a trendline.
All I need is a reversal set up on a lower timeframe and I’m in.
My stop loss will be roughly 20-25 pips and my target is around 73890/A key reversal area for the daily.
A possible 4:1 risk/reward
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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.
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.