The AUD/USD broke below the consolidation pattern that started a retracement. The Shooting start that was formed at the W H4 could end the retracement spurring another short sell. The rejection from the POC zone ( 0.7340-60) targets 0.7300, 0.7260 and will eventually reach 0.7196.
W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.