As shown on my previous idea that aud/usd could complete the "W" formation, now that formation is made AUD/USD reaching the previous resistant level at 0.78100 and it is likely to come down presenting a short opportunity.
This is not a professional advice just my speculation.
The relationship between the Aussie dollar and the Chinese economy is well studied. Clearly, Aussie dollar is a strong proxy for Chinese growth where economic figures should always be looked upon with skepticism. Overall, if the Chinese economy cannot get going, traders will first see this trend in the Aussie dollar.
Aussie moves in trend a lot of the time. It moves between solid support & resistance levels. The price currently as of 22/09/17 is half way between a support and resistance zone. It has hit resistance and now on its way down to support. 1:2 risk reward. Heavy USD news on Tuesday and Wednesday could affect the pair.
I have been waiting for this Aussie to hit this level for weeks. I'm all over this short. Very high probability setup. Although we always have to keep in mind that even those can fail sometimes :)
Stop above the high at 0.7800 and target at about 0.7525. Nice R/R too!