It is quite possible that AUDUSD
is going to stage a small rally following the bounce off the 0.9 level. The USD is relatively overbought for its recent performace and is still weak. The problem is that the AUD is in a declining phase of its momentum cycle and is neither strong nor weak, but it's nearing the oversold condition, which bodes well. I also don't like the place, where I put the SL, but I can't think of any other justified level.