Down Under with the Aussie.

Good afternoon Dynamic Traders,

Todays chart of the AUD is one for your watchlist.

As can be seen the price action has broken the trendline support but is approaching a former resistance area.

It is currently standing in the DD strategy for a short but is not showing any signs of strength in the downward movement and so keep an eye on this for a possible break south of the resistance and consolidation to review from there which would then lead on to employing ESLT.

All the RSI, MACD and Stochastic indicators are pointing down but do anticipate a false break.

Be aware that trends are up here and so caution would be warranted as this could be your big move small pause scenario and therefore should the opposite to the above ensue then a break north of the consolidation would see the same technique applied there too.

As always please ensure to do your own analysis before taking any trades.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.