AUDUSD Short Trade Setup

This in continuation to the horizontal resistance area am watching from past few sessions. Details [here].  After breaking below the resistance area, price has rebounded to touch it again.

AUDUSD H4

If this downtrend is to resume, then the horizontal area should become support-turned-resistance and price should go south from here. This area comes up around 1.0325/30. Just below the area we have 100EMA and just above it 200EMA.




Australia Q3 CPI and HSBC Flash PMI numbers were good vs prior reading and it has fueled AUDUSD rally from low of 1.0235 to current levels. 


My strategy is to wait and watch for this area till Europe comes in. If price stars going south from this area, I will open short. If it break above it and 200EMA, I will prefer long.