Weekly Pick - AUDUSD

AUDUSD

With a new week coming in we see a few confluences that give out price reaching the 0.70443 price.

Currently we are in a long term uptrend which began during the covid-19 lockdown phase, that being said price is currently in a slight pullback which created new higher lows.

However when we go down on the lower timeframes (Daily , H4 & H1), we notice that price has created a lower high in the short term downtrend pattern which gives out signals that price can set a new low.

Thats where I see my entries coming in for shorts with the potential target being 0.70443

Daily - Trend Line Bounce , 0.71281 Price Rejection
H4 - Double Top , Dawn Star Pattern
H1- Head & Shoulder Pattern , Engulfing Pattern