AUDUSD Analysis - The pair is currently trading near the daily resistance. This is where we are looking to trade it.
Our bias for the pair is bearish, however, we are prepared for both scenarios (see last screenshot)
(1D) We've seen a rally of circa 60 pips yesterday, but the move's been corrected on the Asian Trading Session.
We would like to see a clear rejection on the lower timeframe in order to open a position.
(4H) The price is currently in a consolidation phase, recovering from yesterday's rallies. We will wait for a perfect opportunity to short the pair.
(Alternative bias) To support our alternative bias, we might see a break of the structure on the upside. In order to trade this setup, we need to wait for the price to break the previous high located in 0.73984.
Our bias for the pair is bearish, however, we are prepared for both scenarios (see last screenshot)
(1D) We've seen a rally of circa 60 pips yesterday, but the move's been corrected on the Asian Trading Session.
We would like to see a clear rejection on the lower timeframe in order to open a position.
(4H) The price is currently in a consolidation phase, recovering from yesterday's rallies. We will wait for a perfect opportunity to short the pair.
(Alternative bias) To support our alternative bias, we might see a break of the structure on the upside. In order to trade this setup, we need to wait for the price to break the previous high located in 0.73984.