Hi Traders! In AUDUSD short term bearish moves are expected. A detailed analysis of this sell setup is as follows:
AUDUSD Daily Chart:
On the daily chart the price which has broken below the bottom of the bullish channel is currently retesting it. We also have a hidden bearish divergence which we may consider as an evidence of bearish pressure. Hence we may now look for more evidences of bearish pressure on lower timeframes in order to start looking for sells.
AUDUSD H4 Chart:
On the H4 chart the price is moving inside a bullish channel, this channel is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two zones so far. Currently the price is at the top of this channel and is moving inside a triangle pattern. We also have bearish divergence with false break which we may consider as evidences of bearish pressure. Hence once the price breaks below the bottom of this triangle pattern we may start looking for sells with bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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