AUDUSD – Aussie looking to roll over

AUDUSD – Aussie looking to roll over


AUD/USD Weakness

The Aussie dollar breached its minor up trend on May 20th. At the moment the pair is consolidating in a simple flag formation which is normally followed by a continuation of the previous movement. Look for confirmation of the AUD re-entering its downtrend with a close below the 0.92 handle.

Once 92 is taken out the next support level kicks in around the low 89s. There is a nice risk reward ratio for this trade if using tight stops around the 0.9285 mark, assuming that you enter this trade on a close below 0.92

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