After spending most of 2016 in an uptrend, AUDUSD has broken through the longer term trendline and closed below followed by sharp bearish closes. Retracements are imminent as it is very oversold but a continuation of the downtrend is very much on the cards. Some long term swing lows are coming up which could trigger stops so vigilance is needed when entering longs for the pullback. Otherwise wait for the retracement to enter shorts
Nota
AUDUSD pulling back as discussed. Managed to get through first minor resistance at 0.7370 and next resistance comes in at the 0.7445 area (previous swing low)Nota
Pair needs to take out swing lows at 0.7310 for further downside. Decent support level at 0.7240 areaNota
Broke above previous swing high and minor resistance. Major resistance coming in at the 0.7490-0.7550 areaNota
Coming into major resistance at the 0.7490-0.7550 area. Keep an eye out for some structure and a short setupAviso legal
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Aviso legal
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