Here is why I am intent in selling AUDUSD at the week's open:
Weekly: -we have three consecutive weekly candles that make it clear that momentum is in favor of the bears and they are currently dominating the market -we closed the week as a doji, but one with clear momentum illustrated by the weekly candle to the downside -it is this momentum that I am counting on to be displayed as we start off the week and carried into the first one or two days (Monday/Tuesday) -we are, however, tapping into a previous zone of bullish orders that resulted in the market pushing North to 0.69000 institutional level -as such, I am keeping my expectation minimal as to a major bearish continuation on the H1 swing to the downside and fairly expecting price to push North after the first test of current lows
H4: -we have been on a retracement journey for the better part of last week or toward the weekly close -I expect to sell the pair once we, at least, hit the golden zone for a target near 0% extension -I do not expect a strong continuation, considering that we are at the weekly demand zone- hence shall not target the usual -27% extension of the recent swing on H4/H1 (they currently share parameters) -the Friday low at 0.65378 provides a potential spot for gathering liquidity, and so does the weekly low at 0.65145 -I , however, expect us to protect the weekly low if a bull market is to ensue -as such, I am keeping my target conservative at 0.65500
Midrange/H1 -currently, this time frame shares parameters with the H4 swing -as such, I expect to sell around 0.66400 and target 0.65500 as illustrated on the M15 chart
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