AUDUSD is extremely bearish right now, there is a rising bearish wedge on the hourly and the RSI is weak on all horizons and it is below all historic MAs H/D/M, it is very close to being completely oversold however my target is .71415 for the end of this trend. After a reversal on AUD upwards which coincides with a retest of the high from last week and bear wedge on the USdollar - please see other chart for reference. This wedge could become invalid so I will wait for a break to the downside to validate first. There is a chance a reversal and uptrend could continue from here.
I will enter at .73850 TP .71415
My reversal is at the lower black line representing resistance from May 2016 and december 2016. If it breaks the lower blue line at .70800 that will be a new low since 1993 but I doubt this will happen!
GL
I will enter at .73850 TP .71415
My reversal is at the lower black line representing resistance from May 2016 and december 2016. If it breaks the lower blue line at .70800 that will be a new low since 1993 but I doubt this will happen!
GL