AUDUSD seems to have got to the top of its recent range channel. PA at 9240 should indicate whether the move will break UP or rebound back DOWN.
Weekly: is showing a doji at the moment indicating a weakening of momentum and a degree of price indecision.
Monthly: has failed to break the November high of 9400 for the fourth month in a row but the March candle, of course, has a week still to go so it might get there although it doesn't look likely on my chart.
If PA confirms a SH at current Resistance of 9240, I will go short below 9171 which is the low of the last blue candle, with a SL above 9240.
That will give a risk of 70 + 20 (10 below Low, and 10 above R 9240).
The SR line at 9150 is not a major support. First TP is 9000 giving a reasonable R:R. There is further possible TP at 8900 and then at 8640 if price continues down.
Weekly: is showing a doji at the moment indicating a weakening of momentum and a degree of price indecision.
Monthly: has failed to break the November high of 9400 for the fourth month in a row but the March candle, of course, has a week still to go so it might get there although it doesn't look likely on my chart.
If PA confirms a SH at current Resistance of 9240, I will go short below 9171 which is the low of the last blue candle, with a SL above 9240.
That will give a risk of 70 + 20 (10 below Low, and 10 above R 9240).
The SR line at 9150 is not a major support. First TP is 9000 giving a reasonable R:R. There is further possible TP at 8900 and then at 8640 if price continues down.