AUDUSD - More downside for the coming months

FX:AUDUSD   Australian Dollar / U.S. Dollar
373 0 7
After the crash of 2008, Audusd             started a rally that lasted for more than two years. Then the market moved sideways, in a wide range for another two years. A year ago, a downtrend started. The oscillator shows a hidden divergence, which points out that the rally at the beginning of the year (announced by a huge bullish divergence ) is just a correction in this bigger downtrend.

On the monthly chart it is easier to see why I chose the red rectangles as important support levels .

Note that at all the support areas we find important fib levels. I'm sure there are even more fib levels, I chose to draw only the most important. My plan is to add using the daily and the 4H chart and build up a position. The first level where I am going to consider wether to continue with my bearish bias or not is at the last swing low, around 0.86000, because we might get another bullish divergence . Below that 0.80000 is the next level to watch.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out