Hi Traders! AUDUSD short term sell opportunity is forming at the moment. A detailed analysis of this setup is as follows:
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 middle of this channel and I expect the pair to provide one more leg lower to reach the bottom of this bullish channel. We may now look for short term sell opportunities.
AUDUSD H1 Chart:
On the H1 chart we have a potential double cycle up, based on the fibo extension levels the second leg of this double cycle has now reached the 61.8 fibo extension level of the first leg and is moving lower. We also have an uptrend line that has formed, if the price moves lower further and breaks below this uptrend line, we may consider this as an evidence of bearish pressure and start looking for short term sells.
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.
If you want to learn how to do such analysis yourself, if you are looking for a professional team of traders and one of the best online trading communities, If you are looking for enormous archive of Webinars, Trading Tools, Trading Strategies, Books, Indicators, Expert Advisors and much much more, join my traders academy club for only $97 PER YEAR.
Also you can get one of my strategies free of charge. You will find all the details here
Chief Trader at Traders Academy Club