Although AUDUSD has had a strong move up during this week, looking at the Monthly chart continues to suggest a bearish move is about to continue. I'll be looking at the approaching lower-high levels for a short opportunity with 1:5 R:R.
This is just an idea, trade your own plan.
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Price over the last 24-Hrs has shown to be staying under the 4-Hr resistance trend. Will it stay under this level and continue lower like expected? (Blue Arrows)
Or will it continue to bounce off the Moving Average and find support there, eventually pushing it up and out of this resistance level? (White Arrow) 4-Hr below. Time will tell...
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We seem to be getting some support here on smaller time frames, the Monthly remains bearish but it may be worth taking some profit here in case it does end up bouncing on the daily & weekly. If anything it may provide some opportunity to re-add into a short position higher up.
Trade closed: target reached
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There we are folks, majority profits taken, leaving a trailing stop on the rest. Onto the next idea.