AUDUSD: This bounce is a good short opportunity.

3 Jul 2023

AUDUSD rebounded late last week and reached again the 1D MA50 on neutral 1D technicals (RSI = 46.104, MACD = -0.001, ADX = 23.912). This is the first rebound after the June 16th High, which was on an overbought 1D RSI and formed a Lower High inside the wide Channel Down pattern. The neutral technicals indicate that this is potentially the ideal short entry on an extended sell sequence that targets at least the bottom of the Channel Down.

We are going short on the next green 1D candle and our target will be much lower, the 2.0 Fibonacci level (TP = 0.63350). Buy again near the RSI oversold line.


Prior idea:

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