AUDUSD has been selling off for months now and getting ready for seasonal longs.
Whilst the trend is overall still down and forming this long term wedge, price at the .708 mark has been tested at least 6 times previously and RSI showing as over sold.
The short term trend will be to the .72 mark, but after this I would expect a pull back to the .715 range before a big move up (if this occurs).
A decent break of the wedge with a retest of the support or resistance zone, will be an indicator for a longer term direction. Hence why I say long, but with caution.
Whilst the trend is overall still down and forming this long term wedge, price at the .708 mark has been tested at least 6 times previously and RSI showing as over sold.
The short term trend will be to the .72 mark, but after this I would expect a pull back to the .715 range before a big move up (if this occurs).
A decent break of the wedge with a retest of the support or resistance zone, will be an indicator for a longer term direction. Hence why I say long, but with caution.