Technical break down on a short set up AUDUSD
Good evening traders!
As the title says I'm looking for short setups on the Aussie/Dollar and here's why...
Similar to the NZDUSD it has just broken to the downside of bullish trend line and is now potentially creating a bearish channel. On the daily chart we have hit a nice level of horizontal resistance looking left which coincides with the bearish channel and now appears to be forming what could be a high test daily candle.
Now for entry reasons...
On the the 4 hour chart we have a double top forming with bearish divergence and deceleration, you can short the top, the break of the neckline, the retest of the neckline or wait for a 2618. We also have a phase line which connects the bottom of the channel to the top, you could also short the break of this.
Whether you're a conservative or aggressive trader this setup could offer a fantastic risk reward with targets at previous structure.
As the title says I'm looking for short setups on the Aussie/Dollar and here's why...
Similar to the NZDUSD it has just broken to the downside of bullish trend line and is now potentially creating a bearish channel. On the daily chart we have hit a nice level of horizontal resistance looking left which coincides with the bearish channel and now appears to be forming what could be a high test daily candle.
Now for entry reasons...
On the the 4 hour chart we have a double top forming with bearish divergence and deceleration, you can short the top, the break of the neckline, the retest of the neckline or wait for a 2618. We also have a phase line which connects the bottom of the channel to the top, you could also short the break of this.
Whether you're a conservative or aggressive trader this setup could offer a fantastic risk reward with targets at previous structure.
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Double top now invalid
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1H Bearish divergence continued on new high, broken trend line, upper channel still holding on daily.
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Also made a mistake on lower channel line, redrawn here...
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