AUDUSD SHORT

On the 4 hour chart we have just tested monthly resistance(light blue line) where it also intersects with the monthly downward channel since roughly 2013. the intersection of the trend line and resistance line, along with being oversold on the TDI indicate a pullback of the market, my guess to at least the 38% fib line over the next few days. That being said with the way AU has been hammering up recently I would not be surprised if we do break through this resistance soon. Just not on the first try. my TP will be at the 38 fib or whenever i see things start to turn around.