AUDUSD - Bearish scenario
Monthly & Weekly chart We have a bearish bias because we broke the ascending channel and the EMA's are crossed over to the downside meaning momentum is bearish . This is due to price continuing the downside move after hitting a 50% retracement level at 2017-09-04 and creating a double top at 2018-01-22. Therefor we are looking to make a new lower low.
Daily chart After a consolidation period we broke the support level and are now anticipating a new low.
Trading plan We are looking for a retest of previous structure and/or the bearish trend line to continue the down move towards 0.71600 price level.
Daily chart After a consolidation period we broke the support level and are now anticipating a new low.
Trading plan We are looking for a retest of previous structure and/or the bearish trend line to continue the down move towards 0.71600 price level.
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