The AUDUSD seems to be getting its cues from GBPUSD. Last Friday, the Australian dollar closed below a confluence of support at 0.7160. I mentioned this breakdown over the weekend. However, I gave a warning about Friday’s move. Here’s what I wrote on Sunday: Just know that Friday’s breakdown could be a bear trap, so reducing your position size may not be a bad idea. And if the AUDUSD closes the day (using a New York close chart) back above 0.7160, it would negate the bearish outlook for the time being. If you’ve followed me for a few weeks, this may feel familiar. The GBPUSD did the same thing in mid-August. The pair ... (full story)