AUD/USD Possible Daily Downside Breakout
Key Points:
- Inside bar setup on 10/13 and 10/14.
- Price action is occurring below the 50 MA and is showing a trend line break to the downside.
- The daily does have some past support around 0.7140 price area.
- If we break below this support its possible our first stop is 0.7100 then 0.7005.
- Inside bar setup on 10/13 and 10/14.
- Price action is occurring below the 50 MA and is showing a trend line break to the downside.
- The daily does have some past support around 0.7140 price area.
- If we break below this support its possible our first stop is 0.7100 then 0.7005.
Comment:
Worked out quite nicely. The way DXY is looking I would expect to see AUDUSD to push further down to 0.7000 (next near support) leading into Mondays London market open.