AUDUSD played out just as we expected!
The pair dump farther down this week after breaking out of the channel structure it was trading in. It is at a point where consolidation could happen before more downside.
BULL CASE
I think it is likely we see some consolidation at these levels before more downside. If this happens, 0.71680 is a good level to short again with controlled risk.
BEAR CASE
If price continues the dump next week to the 0.7038 levels, expect to see strong support. It will be a wick out kind of move on the weekly.
BULL CASE
I think it is likely we see some consolidation at these levels before more downside. If this happens, 0.71680 is a good level to short again with controlled risk.
BEAR CASE
If price continues the dump next week to the 0.7038 levels, expect to see strong support. It will be a wick out kind of move on the weekly.