AUDUSD expect a pullback before continuing downside

13 Agu 2018

Continuation of bearish pressure from the top of the consolidation range straight through the bottom support region. Again here, we’d expect some form of retracement at least to 0.7320 to retest the broken range before heading lower to 0.7200 on the way to that weekly support region. I did like the prospect of a test of the downtrend before heading lower which is why we are awaiting the confirmed retest of the range before entering shorts, however, it looks as though we will be seeing our downside targets before the trend-line is tested. On the lower timeframes it does appear that bearish pressure is slowing down but we may see extensions towards 0.7240 before the specified pull back.