AUDUSD Short idea
Higher time-frames still suggest a bearish trend but last week we saw price action push up to the daily 61.8% fib level and major resistance following news
The test of the 61.8% fib level is the second time price tested and has shown significant rejection from this level
We are currently looking for more bearish setups to present themselves early in the week before we can begin targeting lower. Our targets will be the lower trendline around 0.68000 which us about 70-80 pips lower.
Upon a break of this trendline we will target the 0% fib level near 0.66800 which is around 190-200 pips lower
Higher time-frames still suggest a bearish trend but last week we saw price action push up to the daily 61.8% fib level and major resistance following news
The test of the 61.8% fib level is the second time price tested and has shown significant rejection from this level
We are currently looking for more bearish setups to present themselves early in the week before we can begin targeting lower. Our targets will be the lower trendline around 0.68000 which us about 70-80 pips lower.
Upon a break of this trendline we will target the 0% fib level near 0.66800 which is around 190-200 pips lower