AUDUSD appears to be in it's next leg down - racing towards 200 EMA target of at least .7515 and possibly has ltos of room for further downside after that...
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AUDUSD Hourly Chart:
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Target of 200 EMA on Daily chart about to be met. Took partial profits and moved SL to profit zone.
Was a turbulant ride down, however, it was somehow bound to come down. Was in a slight upward channel for a while.
Has more downside to go - trade with caution..
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AUDUSD did go down in 2 trend-line channels, however the bigger move upwards came up after the US Fed interest rate decision.
Even though the interest rate was increased, USD weakened due to a dovish comment/tone by Yellen/Fed..
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traderparag
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200 EMA pierced convincingly on Daily charts. AUDUSD may have more downward bias until 15-Mar and depending on US Interest rate decision, decide further direction. At this stage, it looks like interest rate will be increased, hence USD will become stronger...