I believe AUDUSD is now forming its downtrend. Daily is in a downtrend. Failed to break thru long term downtrend resistance. Fallen thru its uptrend channel and maybe forming next channel down.
Still waiting for a pullback. It has clearly fallen thru its long term support level and might see it retrace back to it (0.685)
From there I will be looking at shorting it to the 0.6811 area, and next target is 0.67 area.
We have good convergance on the RSI, but will need to keep an eye on this to confirm its trend.
Still waiting for a pullback. It has clearly fallen thru its long term support level and might see it retrace back to it (0.685)
From there I will be looking at shorting it to the 0.6811 area, and next target is 0.67 area.
We have good convergance on the RSI, but will need to keep an eye on this to confirm its trend.