AUD/USD - Shorting Opportunity

AAUD/USD likely to retract.

• Simple Moving Average (7 days) and Long Term Moving Average (28 days) on a 4 hour interval chart are approaching a cross over indicating a change in market direction
  
• Relative strength indexes indicated the pair had previously had been overbought on a 4 hour interval chart and remains overbought on a 1 day interval chart at 73.84% on the previous market close.
  
• Previous Resistance levels provide us with the following: Resistance 1 at 0.7970, Resistance 2 at 0.8040 (Based on May 2015), Resistance 3 at 0.8100 (Based on April 2015)
  
• Previous Support Levels Support 1 at 0.7835 (Based on April 2016), Support 2 at 0.7760 on (April 2016)
  
• Stop Loss: 0.7970, Target 1: 0.7835, Target 2: 0.7760