I headed into the week by talking about taking some profit on AUD/USD shorts.

From here however, we've just continued to head lower. Price has continued to retest previous short term support as resistance and we've created another one of those zones which you can see price has been capped by to the upside:

But what's still key for me, are the higher time frame support levels that we're at on the pair. We've spoken about the fact that AUD/USD is at monthly trend line support, but also take a look at the following horizontal zone that we're seeing a reaction from:

I know the Aussie is weak, but so long as this support level is holding, I'm not itching to keep selling.

Best of probabilities to you.

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@danewilliams | Steemit Blog

Market Analysis

Twitter: @danewilliamsau