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: