AUD/USD is obviously trending down inside a bearish channel since October 27.
On November 21, we had a full body bearish channel breaking Fibonacci level 61.8% at 0.9910.
Today we may have a retest for this important Fibonacci level now working as a resistance after its break.
We also have a supply zone at 0.9905-1.0016 which will act as resistance for the pair.
Area 0.9905-1.0016 was a previous consolidation zone which is considered a good SELL zone.
Also it's important to mention that if we have breakout above this zone, we will have a strong push to the upside targetting 1.0080,1.0160 then 1.0270.
Price level 0.9910 is an important resistance level because it's the upper limit of the bearish channel, Fibonacci level 61.8% & the lower limit of the supply zone mentioned above.
Based on the previous analysis:
Level 0.9910 is considered a good SELL entry with SL 4H closure above 1.0020 with reversal of the position into LONG.
TP for the short position should be at 0.9830, 0.9780, 0.9705 & 0.9600 as a final target.
