The Australian Dollar daily.

Good evening Dynamic Traders,

Today I thought I would show the AUDUSD on a daily timeframe.

As mentioned about a month ago, when I was looking for a possible short on this pair, I said if the high broke then the '0.9000' area could be tested, well it did brake and price is nearing that area.

The '000' is just north and last week missed it by about 140 pips and whether it does actually make it or not I am once again anticipating a short.

The MACD is showing divergence both longer and shorter term and on various timeframes.

A possible 123 top could be occurring now and could be traded accordingly on the correct timeframe chart, should all the criteria show themselves, which would also tie in with the bearish engulfing candle formation of Wednesday and Thursday last week.

However please bear in mind the afore mentioned figure area which price could well try to achieve and therefore if anyone should look for the short trade then wait until you have everything in place, I do feel some form of pullback is due because of the confluences but be patient.

AdvancedGet is also showing a possible W5 termination point around here.

As always please ensure to do your own analysis before taking any trade.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.