I expect it to retest 0.76.
0.76 is a great level that I am looking to go short.
This is the PRZ of a pattern.
Will be watching for nice pinbars and abnormal activity at this level before I go short.
Will be looking at 0.753 and 0.7420 for targets due to the bigger pattern in the h4 chart.
Always WAIT FOR A REACTION.
In this case, avoided a loss, conserved capital and waiting for a better opportunity.
Will be looking for AUD shorts again probably next week.
Will be watching this zone between 0.7628 - 0.7635 closely.
A great support turn resistance zone and a bearish butterfly completion right here.
Again, no pending orders, always wait for a reaction at this zone.
I will it to close weak after hitting the zone with abnormal vol.
Abnormal volume activity sighted.
Will wait for a retest to the previous top and the distribution process to continue before shorting.
The trigger will be the break of the trendline.
It could happen next week.
Next week, I will be eyeing the 0.7635 level for potential shorts.
If price breaks strong above this level, I will conclude that the trend has changed towards the upside.
if it failed to break above and closes weak, it will be a trend following ride towards 0.7420.
Watch the volume, it leaves clues.
As written in my analysis up there, I never ever use pending orders.
A few rules I follow very strictly in my rulebook.
1. Always wait for the PRZ level to be tested first. If it is a range, wait for the ENTIRE PRZ range to be tested first. In this case, the 0.76 was never challenged until that big green bar that completed.
2. After the range is tested, wait for abnormal volume. Either super high which closes weak, or super which closes weak is perfect.
Please refer to this chart below for reference. Feel free to clarify your qns with me.