### AUD/USD Key Points
- Still within the higher time frame bearish channel.
- AUD/USD at resistance on both higher and intraday time frames.
- AUD/USD rejected off intraday resistance again, but failed to make a lower low.
AUD/USD Technical Analysis
Following on from Monday's AUD/USD potential short setup, I wanted to again highlight the intraday level that's been in play.
Focus on the second, intraday chart and the same level that was previously rejected to give us a possible short trade signal. You can see that overnight, price came back to test the level again and was rejected equally hard for a second time.
The disappointing thing for shorts though, is that price hasn't made a lower low on the intraday chart. This is the bearish confirmation that we need in order to be confident that price is going to continue lower, potentially giving us a mega risk:reward trade, but these smaller moves might have to do.
Either way, this setup is another excellent example that shows how taking entries on support or resistance (in this case it's a short, so resistance), is so important for your risk:reward. There was at least 1:3 in this if you hit the marked resistance zone and kept your stops just above.
Best of probabilities to you!
High Impact Economic Releases to Watch Today
-
GBP Parliament Brexit Vote
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GBP BOE Gov Carney Speaks
-
GBP CPI y/y
Return from AUD/USD Rejects Intraday Resistance Again to forexbrokr's Web3 Blog
