AUDUSD 01/02/2022
Updated
Looking to short AU from 0.71000
8H Timeframe Confluences:
- Bearish market structure, only looking to enter short positions.
- Currently sitting at a support-turned resistance.
- Resistance coincides with fib reversal levels
- If price action indicates a short position, this will be the third bounce off of the descending trendline.
Waiting for price action to indicate reversal of bullish momentum in order to enter trade.
8H Timeframe Confluences:
- Bearish market structure, only looking to enter short positions.
- Currently sitting at a support-turned resistance.
- Resistance coincides with fib reversal levels
- If price action indicates a short position, this will be the third bounce off of the descending trendline.
Waiting for price action to indicate reversal of bullish momentum in order to enter trade.
Order cancelled
4H resistance did not hold. Market pushed to daily key level. New set-up posted 02/02/2022
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