AUDUSD MARKET ANALYSIS

 Happy new month traders, it's the 2nd day of the month and the new quarter. Into the markets today I am looking at AUDUSD where price rallied into a major H1 & H4 supply zone at 0.69380 & 0.69020 which was the origin of the previous drop to the key H1 & H4 demand zone at 0.68305 & 0.68060. Price rallied into the zone and formed rejection wicks with candle closes inside supply followed by a drop. Price dropped 70 pips to the 1st H1 low at 0.68700 then retraced to retest supply before a continuation of the drop. Took sell positions during Asian session at 0.69020 with SL at 0.69220. Setup taken is a rally base drop, a reversal setup and my target is at 0.68300.

Price dropped to 0.68800 then retraced to retest supply before a continuation of the drop lower. Price dropped by a constant push away from supply, taking out the previous lows and forming lower lows confirming a shift in market structure to bearish. Price has dropped 80 pips to 0.68572 and still showing more bearish potential. Price dropped 80 pips to the target zone at 0.68300 & 0.68074. Price filled the major H4 range from the major H1 & H4 demand zone to the key H1 & H4 supply zone and back to the major H1 & H4 demand zone. Target hit.