OANDA:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD has been in a consistent downtrend for over a month. The price has repeatedly set lower lows and lower highs but recently has established a support level , 0.70937, that price has been respected multiple times. It appears that the price is beginning to form a range, and as the price has fallen back to the support zone mentioned a long entry seems appropriate. The target for this trade is at the top of the range at the 0.71700 level. The stop loss area for this trade is located at the yearly low of 0.712.


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