Dear Daily Price Action Setup Traders

The risky trade that I was talking about yesterday did not reveal as a very promising during the day and I did not trade it. On the other side though, I am looking at AUD/USD and am seeing a good formation there.

What I am seeing is a bullish rejection on the daily time frame, which resulted in a pin bar. At the same time, we are in a very strong bearish environment, therefore without further ado, I would say that a short trade is imminent for me. I am looking to enter at current levels around 0.8070. My stop would be the level of 0.8160 and my initial target would be the level of 0.7900. My next target is the level of 0.7500, but it all comes down to price action and how AUD/USD reacts to those levels.

Happy Trading,

Colibri Trader

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