AUDUSD MARKET ANALYSIS

 Hello traders, it's another day in the financial markets and I hope you've had a wonderful week. Into the markets today, I am looking at AUDUSD where price rallied to a major H1 & H4 supply zone at 0.64800 & 0.64542 which was a previously broken demand zone. Price formed lower lows on H4 at 0.64000 then retraced back to retest the zone as new supply before a continuation of the drop. Price rallied to 0.64542 and formed rejections with candle closes below supply followed by a drop. Took sell positions during NY session at 0.64408 with SL at 0.64608. Setup taken is a rally base drop, a reversal setup and my target is at 0.63700. 

Price gained momentum into NY session dropping to o.64000 and gained more momentum during Asian session forming lower lows, taking out the previous H4 low at 0.64000. Price dropped 70 pips to 0.63600, hitting my TP then reversed and rallied to 0.64240. Target hit.