A market that's certainly in play
I've gone through a technical overview of a lot of the other majors and being in Australia, the Aussie is obviously one of my favourites.
We have an interesting fundamental divergence between the RBA and the rest of the major central banking fraternity, when it comes to our central bank's willingness to hike rates in the near term.
This has just meant that AUD/USD has continued to trend, predictably breaking support levels to step between zones. A trader's paradise, really.
Take a look at the daily chart below:
I haven't shown the top of that bullish trend line, but you can go back and see the points I've used and see how significant a break was.
You can see that price then retested the underside of the line and then significantly made a new low. Confirming the breakdown and opening the market up to a proper change in trend.
Now you can see that price is still retesting that first previous support level as resistance and it's definitely in play.
That level is gold for managing your risk around, now it's up to you and your trading strategy to find entries.
