AUDUSD Daily Analysis 5/9/20
AUDUSD Short Idea
The daily timeframe and higher are significantly bearish but we have seen a very strong 4 hour bullish trend.
From the current level we will be able to decide if the overall bearish trend will continue or if this 4hour trend will push price action higher and start the daily trend transition to the upside.
Price action is currently at the 88.6% fib level and we could see a strong reversal from our weekly resistance. Ideally we want to see a break and retest of 0.64000 to confirm a bearish transition.
Look to target lower toward 0.60300 if good bearish volume presents itself after a confirmed lower high.
The daily timeframe and higher are significantly bearish but we have seen a very strong 4 hour bullish trend.
From the current level we will be able to decide if the overall bearish trend will continue or if this 4hour trend will push price action higher and start the daily trend transition to the upside.
Price action is currently at the 88.6% fib level and we could see a strong reversal from our weekly resistance. Ideally we want to see a break and retest of 0.64000 to confirm a bearish transition.
Look to target lower toward 0.60300 if good bearish volume presents itself after a confirmed lower high.
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