Sasha Singh
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AUD/USD Still Bearish

AUD/USD right now is trading at multi year lows and still seems to be bearish. On the daily chart of AUD/USD we see the pair is trading between the two parallel trend lines thus following a downward channel pattern. The 50-day moving average is far below the 100-day moving average, and now may act as a resistance for the pair. If the pair breaks the resistance trend line, the pair will reverse the downtrend. However I see a wedge or symmetrical triangle on the chart and thus expect the breakout from any of the contracting trend lines. If the pair breaks the support trend line of the triangle, the pair is going to continue its channel downtrend. However if it breaks the resistance trend line, we expect some reversal on the chart.