AUDUSD MARKET ANALYSIS

 Hello traders, it's a new week in the markets meaning new opportunities up for grabs. Into the markets this week, I am looking at AUDUSD where price rallied to a major H4 & daily supply zone at 0.66450 & 0.66160 which is the origin of the previous major drop to the major H4 & daily demand zone at 0.64800 & 0.64540. Price filled the major H4 & daily range from the major H4 & daily supply zone to the major H4 & daily demand zone and back to the major H4 & daily supply zone. Price rallied into the zone and dropped by a constant push away from the zone with candle closes below supply and formed a lower low at 0.65900. Price retraced to retest supply at 0.66160 before a potential continuation of the drop. Took sell positions during NY session at 0.66160 with SL at 0.66360. Setup taken is a rally base drop, a reversal setup and my target is at 0.65200.

Price dropped back to the previous H1 low at 0.65900 and gained more momentum during Asian session forming lower lows confirming the shift in market structure to bearish. Price took out the previous H1 low at 0.65900 and formed lowers at 0.65600 showing a potential continuation of the drop.