AUD/USD

One of the first currency pairs that i think will present a potential trading opportunity is the AUD/USD. This pair has been trading in a consolidation phase since April 14 but recently broke support at around 92.20 and dropped below the 200MA on the daily charge and has already gone onto fall to just above 90.00 where I expect we'll see a bit of a pause at this psychological round number area before potentially breaking out further to the downside and presenting an opportunity to jump on this trend or compound a position for those already in the trade.

I am bearish across the daily and the weekly timeframes and would like to see a strong close below 90.00 after a bit of a ouse to see us take out the lows of March/April and see a target of around 86.6 which is the low of the year so far. Any further downward price action below this level would also see a key resistance area on the monthly chart broken which would add further bearish sentiment