AUDUSD Sell Setup

23 lug 2023

Here is the reason why I am anticipating this sell:

Weekly:
-we have an initial push to the downside off the key institutional level at 0.69000 which
provided a level of sell orders at the close of June
-we are in a new sell cycle and have initiated sells in a strong manner, establishing momentum
to the downside at the onset
-this momentum is the key reason for the sell outlook
-the weekly lows, clustering around 0.66000 institutional level are providing incentive for
price to push further to the downside

H4:
-we are officially bearish on H4
-we had a strong drop at the close of the week, culminating at around 0.67300 round level
-the next phase on H4 is most likely a bullish push to retrace the closed selloff impulse last week
-after that I anticipate a sell into the next target, the -27% extension of the recent swing, making
the target around 0.66890. This translates to my target of 0.66900 to be perfect for the setup

Midrange/H1
-I anticipate a push into the mid-level order zone clear on H4 around 0.67800
-the key daily levels thereon portend a strong area of resistance and had been used before by
price to keep the pair below this specific level (check daily chart)
-since we formed an order zone hereon recently, I expect price to reach to these levels around
0.67800 then push to the downside, aiming for the strong order level from which the most
recent highs came from, which is around 0.67782 and very much in the vicinity of the -27%
extension

This is the overall trade
NOTE: this is just an opinion of mine and should not be construed as financial advice. Use your own analysis to come up with your own decisions.