aud-usd-dTrend is bearish in daily time frame of AUD/USD currency pair. Important resistance is present at 0.7380 price level. Since last week, price is falling down and based on Elliott wave analysis market is now going to drop towards 0.6800 price level in daily time frame. So, as long as the price stays below 0.7380 resistance area, we may consider sell trades. However; a bullish break out in price action above 0.7380 resistance level is going to in-validate bearish market outlook and in such case I will stay out of the market and reanalyze the price action of AUD/USD currency pair.

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William K. Gilday is a professional Forex expert working full time for FX Instructor educational portal. William is a Forex Trader from 2006 when he started trading part-time. In 2008 he retired from a fantastic 27 year career in Fire Rescue and moved to Thailand, where he fully dedicated himself to trading. He is an analyst at FXinstructor.com

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One thought on “AUD/USD – Down trend in daily chart”

  1. Essam Mohamed Saied says:
    October 29, 2015 at 7:06 pm

    still waiting to see if Aussie is going to break the daily rising support trend line, to validate for me the break of the rising channel

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