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It is no secret that the AUDUSD pair has been in a strong uptrend for quite some time. That trend has been capped recently at 1.0200. My thoughts now turn for reversal possibilities. There has already been a break of the daily trend line established back in August. Before the last high a former resistance area was found from the 0.9900 to 1.000 zone. If this duplicates on the right side of the high it could form a head and shoulders reversal pattern and the beginning of a leg down. Using this overall outlook I will begin to drill down to smaller compressions and look for entries for sells between the 0.9900 and 1.000 zone. Fibs of the last run down on the
4 hr chart suggest resistance at 0.9900, 0.9953 and 1.0008. There are also former supports at 0.9965 that I will also be looking at for short positions.
Supports are at 0.9830, 0.9730 and 0.9620 and will need to be broken for a continuation lower.
AUD/USD Chart Picture
