1. Downtrend on monthly chart candle and weak economics of AUD.. where the price getting hit by USD strength.
2. Strength of USD also amplify the drop. (Please check related idea for USD strength status)
Setup configuration ::
(As point by Blue box)
This number come from many previous week price as indicated by RED arrows.
(As point by RED box)
This number come from the last peak (before it create a new Lower-Low)
( If price go above this level it mean there is not down trend anymore. and short positions should be exited)
This number come from price support around late 2008. ( As point by orange arrow. )