AUDUSD potential short trade coming

Looking to short the aussie at 78.6%fib (0.935) which also is a resistance zone. ( Sorry guys screenshot of chart is just from my iphone)

- descending trendline

- possible descending channel however some may argue as its a bullish pattern

- weekly or monthly pivot (unsure which one as iam trading on my iphone)

Risk is medium as recent days had very bullish momentum 

EURAUD Trade setup and Forecast for the week 2nd June, 2014

EURAUD Trade setup and Forecast for the week 2nd June, 2014

Weekly Chart

• Weekly Stochastic are giving me a positive divergence.
• Depending how you see it, you can argue that there is a head and shoulder pattern, - although i see that, i am bias towards the upside because we did break some serious resistance, and if market is to continue to the downside, i believe market should try to test the 1.6

Hourly Chart

• Although i identified this pattern few days late, (i only came across this chart today), this setup is very juicy with low risk and good rewards.
• any retrace, would consider a long trade
• If i were to see this potential setup i would of had a pending at around the 78.6 / 88.6 with stops 10 pips below the X leg (100 fib)
• If trade was to get stopped out, the next support i would look at the weekly chart of my 78.6/88.6

Outlook Trade opportunity

H4 Long

Risk LevelLOW

Tips -

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