AUD/USD: Downpath clear now that we tested the broken triangle?
Daily chart on the left: Triangle broken, re-tested today, now on to new lows...? Just a thought...
4H chart on the right: Bearish 3 drives at triangle boundary and down trendline proved to be a high probability trade, so why I didn't trade it beats the hell out of me...!! Looking at the lower timeframes made me loose track of the higher timeframe structures, damn pity...
Next hurdle now is that upsloping trendline, I'll try to get short on a confirmed breakout!
Potential to the downside is big: 27.2 ext. at 0.6568 if we get past the lowest low, even 0.6130 is possible if we look at harmonics and the 61.8 extension...
4H chart on the right: Bearish 3 drives at triangle boundary and down trendline proved to be a high probability trade, so why I didn't trade it beats the hell out of me...!! Looking at the lower timeframes made me loose track of the higher timeframe structures, damn pity...
Next hurdle now is that upsloping trendline, I'll try to get short on a confirmed breakout!
Potential to the downside is big: 27.2 ext. at 0.6568 if we get past the lowest low, even 0.6130 is possible if we look at harmonics and the 61.8 extension...
Is the big short really plausible??
Look at this before making up your mind:
Short-term short maybe, but longer term I doubt it...