AUDNZD Bearish Trend: Short Setup at Key Fib Levels?

5 Jun

Hello traders! 👋 Diving into AUDNZD today.

Despite a recent bounce from the weekly order block and the weekly 0.618 Fibonacci level, the overriding trend remains strongly bearish on both the Daily and 4-hour timeframes. 📉 This keeps shorts on my radar.

🔍 Short Setup Considerations:

I'm considering short positions based on the following scenarios:

1. Scenario A: If the price reaches the 0.618 Fibonacci retracement level accompanied by a liquidity sweep above a recent high.
   
2. Scenario B: Should the 0.618 level be breached, a short could be considered if the price then reaches the next 0.786 Fibonacci retracement level. Here, I'd look for a clear liquidity sweep and a subsequent reversal reaction from this level.
   

🎯 Potential Short Entry Zone: 1.0780 – 1.0800

I'll be patiently watching for price action to confirm one of these setups before considering an entry. Confirmation is key!

Remember to trade wisely and manage your risk.

6 hari lalu

Pesanan dibatalkan

Price swept liquidity during low-volume Asian session hours — original idea is no longer valid. A potential long setup may form soon around current levels.