Whalay

Could The Aussie Go Lower?

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
I am looking out for a buy trade around the current zone. Since the Aussie has lost all gains earned in the last 5 to 6 weeks, this current zone should serve as a breather as we've seen price rejected this zone a couple times. Asides been the support area, it is also the territory where we have seen huge demand in price coupled with the daily relative strength index falling below the oversold threshold. Contrary to this, the weekly timeframe still suggest a potential continuation in falling price but I personally think the chances of that happening are low. Due to all of this, I will be placing my stop below support at 0.6665 area.

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