AUDUSD - Bearish Shark at 0.76

AUDUSD has retraced a little from the lows of last week.

I expect it to retest 0.76.

0.76 is a great level that I am looking to go short.

This is the PRZ of a harmonic shark pattern.

Will be watching for nice pinbars and abnormal volume activity at this level before I go short.

Will be looking at 0.753 and 0.7420 for targets due to the bigger shark pattern in the h4 chart.

Ordre annulé:

This is the reason why you should never use a pending order for harmonic setups.

Always WAIT FOR A REACTION.

In this case, avoided a loss, conserved capital and waiting for a better opportunity.

Will be looking for AUD shorts again probably next week.

Commentaire:

Will be watching this zone between 0.7628 - 0.7635 closely.

A great support turn resistance zone and a bearish butterfly completion right here.

Again, no pending orders, always wait for a reaction at this zone.

I will it to close weak after hitting the zone with abnormal vol.

Commentaire:

Abnormal volume activity sighted.

Will wait for a retest to the previous top and the distribution process to continue before shorting.

The trigger will be the break of the trendline.

It could happen next week.

Commentaire:

Next week, I will be eyeing the 0.7635 level for potential shorts.

If price breaks strong above this level, I will conclude that the trend has changed towards the upside.

if it failed to break above and closes weak, it will be a trend following ride towards 0.7420.

Watch the volume, it leaves clues.