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AUDUSD: Another Bearish Turn Can Be Coming

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May 03 2015

AUDUSD has turned up in the past few months, but most likely only temporary as rally from the low is having an overlapping structure. We know that this is a characteristics of a contra-trend price action, so trend remains bearish for now within impulse that is in play since mid-2014. Ideally, market will continue lower in weeks ahead, down into wave (5), especially once the trendline of current upward channel will be taken out. We could be considering different view and look on other side only if price would break above 0.8300.

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