After spending most of 2016 in an uptrend, AUDUSD has broken through the longer term trendline and closed below followed by sharp bearish closes. Retracements are imminent as it is very oversold but a continuation of the downtrend is very much on the cards. Some long term swing lows are coming up which could trigger stops so vigilance is needed when entering longs for the pullback. Otherwise wait for the retracement to enter shorts
Comment:
Stop run and bounce as discussed above. First area of resistance 0.7370 area and then 0.7445 and major resistance from 0.7490-0.7550 area
Comment:
AUDUSD pulling back as discussed. Managed to get through first minor resistance at 0.7370 and next resistance comes in at the 0.7445 area (previous swing low)
Comment:
AUDUSD hit resistance at 0.7445 area as discussed above. Level holding for now as it is the high of the day so far.
Comment:
Pair needs to take out swing lows at 0.7310 for further downside. Decent support level at 0.7240 area
Comment:
Broke above previous swing high and minor resistance. Major resistance coming in at the 0.7490-0.7550 area
Comment:
Coming into major resistance at the 0.7490-0.7550 area. Keep an eye out for some structure and a short setup
Comment:
AUDUSD hits resistance to the pip and sellers come in. A nice day trade. For longer term trades a bearish close should bring sellers in control. A very important day for the pair
Comment:
Big reversal day in Aussie. Target 0.7240 area