I am a bear on this pair and below is a trade plan of the AUDUSD pair looking at a downtrend trade plan
(1) Support and resistance (1.1) Price action Resistance at psyc level 0.77500 (1.2) Support at MPP Fib 61.8. (2)Market (2.1) 21/55 is sideways (3)Price (3.1) Stochastic are overbought and a switch signaling a change in price direction.
(1) Support and resistance (1.1) Price action Resistance at psyc level 0.77500 if we break resistance we could go to R2 because we are nearing the end of the week and bears could drive all the way to profit taking zone. (1.2) Support at MPP Fib 38.2 bulls will look to jump back in and it could break into Fib Zone where bulls can further jump in then go all the way back to retest resistance at 0.77500 (2)Market (2.1) 21/55 is sideways and price is coming off 55 which could result in a double top. (3)Price (3.1) Stochastic are oversold so we could see more Bullish strength with price coming off the 55 and we are in Fib 50 where there was a previous support