pair has shown a strong bearish bias, breaching the middle trendline and retest from underside will be a further confirmation to the downside move. watching for a weak upside attempt towards 0.76800 area adorned with a strong bearish engulfing candle or a hammer candle indicating further selling pressure.
Scenario 1:
the AUD index shows a potential fall in the currency. watching the pair closely for a weak retracement back to the green trendline and a potential fakeout at the trend line as a confirmation to go long.
Scenario 2:
the pair shows a strong bearish movement towards the trendline and breaks it with weak bullish retracement, go short.
The USD seems to be strengthening. This is a quick intraday bullish trade incase the price retraces back to the purple line. Good luck
Happy Pipping,
FXThrone
