AUDUSD shorts back in play

The AUDUSD showed an accumulation pattern for the past week. The moves higher into the supply zones did not lead to any major bullishness and now we renewed commodity pressure, the AUDUSD continues its selloff.

It is currently trading at a demand zone at 0.70 but a break of that level should give us 0.695 as the next downside target. We are keeping a close eye on crude for this trade as a turn in oil - which is not the most likely scenario - would cancel this trade idea.