AUD/USD - Monthly Key Level in Range

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUD/USD is hitting resistance at Fibonacci Level 0.382 on the Daily timeframe . The overall monthly trend is a downtrend. Key Level is between 0.382 and .5. The ideal situation would be a signal of retracement at this price range. I think if the price passes the monthly key level it could be a sign of a reversal but I think the odds of a reversal happening is less as compared to a continuation to the downside. I think price broke the monthly key level as a signal to the downside so the price will retest level again and continue downwards.

On a side note price is about to hit EMA 8 and it looks like EMA 8 and SMMA 21 are about to cross.

Trading Journal #9
- Austin S.
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