Before the market opened I analyzed a short term buying opportunity on AUDUSD. However, this morning , a lower low was created at 0.72435 on the 4-hour timeframe.
This signals an early sign of a reversal on this specific timeframe. I have to change my buy bias to a sell bias. Today, I will be observing if price can stay below 0.72775. If so, I will sell from my estimation zone 0.72670 back down to 0.72396 only if price can retrace to my zone first and price action gives me permission to enter the trade.
Previous analysis is linked.
This signals an early sign of a reversal on this specific timeframe. I have to change my buy bias to a sell bias. Today, I will be observing if price can stay below 0.72775. If so, I will sell from my estimation zone 0.72670 back down to 0.72396 only if price can retrace to my zone first and price action gives me permission to enter the trade.
Previous analysis is linked.
