AUDUSD - SHORT SHORT SHORT!

Looking at the shorter time frames there are some long opportunities but looking at the bigger picture (W) the bias remains strongly bearish . Therefore any long orders should be very short term. We can see that the pair now is encountering some resistance (Area highlighted in Grey) which is why I expect a minor pullback before the bigger downward move. We don't know how long the retracement can last but as previously mentioned the positions we'll be eager to look for are short positions. From that point we can expect the pair to move all the way down to the bottom trendline before heading back up and form, by the looks of it, an Ascending Wedge correction. (3-3-3-3-3)

Trade safe and implement your own due diligence before entering a trade.