Hello traders.
AUDUSD has been in a consistent downtrend throughout the entire month of may thus far. It will wake a significant move to reverse the weekly candle and I don't think Friday's U.S. retail sales or CPI will be able to do that. As such, the risk is certainly still to the downside.
If sellers do step in and price manages to break out of the wedge to the downside, see the .7331 area for possible support. If price manages to get through that support then the path of least resistance will be down to the .7289 area where there is a cluster of support. I'd suggest getting out ahead of that area around the .73 psychological level.
Enjoy!
AUDUSD has been in a consistent downtrend throughout the entire month of may thus far. It will wake a significant move to reverse the weekly candle and I don't think Friday's U.S. retail sales or CPI will be able to do that. As such, the risk is certainly still to the downside.
If sellers do step in and price manages to break out of the wedge to the downside, see the .7331 area for possible support. If price manages to get through that support then the path of least resistance will be down to the .7289 area where there is a cluster of support. I'd suggest getting out ahead of that area around the .73 psychological level.
Enjoy!