Hello traders, let’s review the 4 hour chart for AUDUSD today. Recently price was locked
inside distribution trading range and subsequently it broke down below key s/r level near
6600 and hit 6500. Following the normal distribution pattern.
Short-term expecting throwback to re-test mid of the distribution range and then expecting
new wave of short-selling once we trigger 6700. Bears still maintain strategic control.
Recommended strategy for AUDUSD bears: wait for the short-term bounce to complete near
6700 and then re-enter on SELL SIDE. TP1 bears +200 pips TP2 bears final +400 pips at 6350.
Keep in mind this is a swing trade setup so will take more time to complete. good luck!
Please hit the like button and
Leave a comment to support our team!
RISK DISCLAIMER:
Trading Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight stop loss.