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AUDUSD Rising Channel| Daily S/R| .618 Fibonacci

Evening Traders,

Today’s analysis – AUDUSD – trading towards its daily s/r where a rejection is probable,

Points to consider,

- Price Action Impulsive
- Daily S/R Resistance
(.618 Fibonacci Confluence)
- Low Volume
- Swing Low Objective

AUDUSD’s immediate price action is trading towards a key resistance that is in technical confluence with the .618 Fibonacci, allowing for a short bias trade.

The current volume profile is below average, an influx is highly likely when testing a key trade location.

The swing low is the current objective; testing and exceeding this level will increase the probability of a trend continuation.

Overall, in my opinion, AUDUSD is a valid short with defined risk; price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work

And remember,

“There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.”
― Yvan Byeajee

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