With AUDUSD being extremely correlated to AUDJPY we are only looking to take a short position on this pair. AUDUSD has been in a steady downtrend on the higher time frames since mid 2013, and after some recent consolidation has begun to continue in its overall bearish trend. With the momentum to the downside we are awaiting to see price action break below this short-term blue uptrend to take a short position on this pair. We will also need to see confluence from our price action predicting algorithm predicting a move to the downside with a chance performance prediction rate of 85% or higher.
Currently our algorithm is predicting a bounce off the short-term trend line for a bit of a move to the upside with a chance performance prediction rate of 62%, however this forecast will update every hour on the hour. If we see the algorithm predicting a move to the downside at the same time as price breaking out to the downside we will consider taking a short position.
Check the link below for the most recent forecast from our algorithm:
i.imgur.com/FnfLXVH.png
Currently our algorithm is predicting a bounce off the short-term trend line for a bit of a move to the upside with a chance performance prediction rate of 62%, however this forecast will update every hour on the hour. If we see the algorithm predicting a move to the downside at the same time as price breaking out to the downside we will consider taking a short position.
Check the link below for the most recent forecast from our algorithm:
i.imgur.com/FnfLXVH.png
