OANDA:AUDUSD   Australian Dollar / U.S. Dollar
AUD/USD has been on a downtrend channel making lower highs and lows. Price tested the trendline thrice recently and heavily rejected with the bears still in control of the trendline . The market rejected the last break with a long bearish engulfing and test. AUD/USD is currently rubbing shoulders with the 200 EMA which is somewhat acting as a support for the pair before it heads down south. We favor a bearish entry at 0.70560 TP1 0.70660 TP2 0.70080 SL 0.71335
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