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WaterTree

Can AUDUSD Rally Again or will it sink from here?

Long
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
WaterTree Updated   
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Technical Indicators Chart Patterns AUDUSD audusdlong audusdforecast audusdsignal
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trendanalysis indicator chartpattern audusd audusdlong audusdforecast audusdsignal
I am looking for a long around 0.69475. AUDUSD has had a strong rally last week and barely took out may 10th's high. I believe that price would like to sink deeper before it wants to rally again. Longer term I think that price wants to trade towards the 0.7080 level but lets see if price is willing to find support around the 0.7947 area.

If it trades below 0.6897 then it will most likely be seeking lower prices.
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This pair is too weak to hold onto, it looks really slanted to head for the previous monthly low.
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