AUD/USD - Short - 200EMA resistance

FX:AUDUSD   Australian Dollar / U.S. Dollar
118 0
AUDUSD has tested the outer channel resistance towards the end of last week. Price did breach the 200 EMA but quicky retraced.

It then made a second attempt on the 200EMA and failed forming a bearish pin bar . If we look historically price has respected the 200EMA for several months now.

There is strong resistance at .78500 which I think price will struggle to break.

Just to note NZDUSD and AUDUSD are highly correlated and as stated earlier NZD could be setting up for a reversal so if you do decide to short the aussie run a tight stop.


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