AUDUSD MARKET ANALYSIS

 Good evening and happy new week fellow traders. I hope you've all had a great weekend and you're ready for the new week. Into the markets today I am looking at AUDUSD where price strongly dropped to 0.67100 then formed a supply BOS on H1 & H4 at 0.67542 & 0.67368. Price dropped from the BOS gaining bearish momentum during London session into NY session dropping to 0.67040. Price then retraced in one strong H1 bullish candle back to the BOS supply zone. Took sell positions during NY session at 0.67370 with SL at 0.67580. Setup taken is a drop base drop, a continuation setup and my target is at 0.66450.

Price dropped 30 pips to 0.67030 then retraced back to supply. Price gained more bearish momentum taking out the previous low and forming lower lows confirming the bearish sentiment. Price gained more bearish momentum dropping 75 pips to 0.66600 and missed the target level by 25 pips. Price then retraced during Asian session back to 0.67050. I still anticipate a potential continuation of the drop lower back to the target level at 0.66450.