We have been expecting AUD/USD to push lower over the last month and as you can see from the daily chart below, price has been following an almost textbook pattern:

AUD/USD Daily:

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Take a look at the levels that I’ve put the markers on. That’s pretty obvious previous short term support turned resistance.

The qualifier for this trade is the fact that price is trending down and that the higher time frame resistance level around the 80c psychological level was rejected so heavily.

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