I’ve been talking about AUDUSD for some time now. At first, it was the upward sloping flag that hinted at the idea that the three-month rally was tiring. Then the false break above 0.7800 on April 19th gave us reason to believe that an extended move in the opposite direction was forthcoming. Fast forward to today and the pair has lost 300 pips since the April high and is currently trading below a confluence of support at 0.7550 on an intraday basis. A daily close (5 pm EST) below this area would open the door for further losses toward the next support level at 0.7380. While I do think the 0.7380 handle will put up a ... (full story)