AUD/USD might still be a good short if it can break through that...

AUD/USD might still be a good short if it can break through that big support line...

However, I think the probability of this one bouncing and starting a new uptrend is higher then the probability of a continuation of the downtrend.

I would give it another week at least to see what happens to this current trend. Next week keep an eye on that 20MA and see if it breaks through or decides to bounce of the 50MA.

Also take into consideration where all the past volatility sits (look at the wicks), this will tell you where the buy and selling pressure currently sits.

Avoid trying to trade this one until something happens with the support line, you need confirmation of a continuation of a trend or a trend reversal...Don't try and preempt it.




weekly chart