So AUDUSD has been the talk of the town lately with its amazing rally the past few days.
A lot of people in the chat are wondering when it'll reverse so they can catch the drop with a short position.
Well, at the moment I'm staying neutral on this one until a few more price action confirmations show themselves.
It seems like AUDUSD has enough steam to reach the 50% fib level at 0.7495.
If it sees that level as resistance it has a good chance of falling back to the 38% fib for support (which was once resistance)
This is why I'm neutral at the moment. Price can possibly range between the two fib levels or rocket off again from the . We'll have to wait and see until some levels are broken before I put any sort of bias on direction.
Well....the long term BEAR trend is still intact. The 365 hasn't been touched for a long long time.