AUDUSD has gone to plan, creating an M top formation before reversing and breaking both S1 and it's narrow uptrend channel, as discussed in our previous analyses.
We have now taken profit on our short, but believe the bears are not finished yet. We expect price to possibly rebound in the near-term towards the minor support level, before falling to test the 200 MA and S2.
Trading Ideas: Go Short at Minor Support Go Short at TP ZONE breakout past low