AUDUSD is in a bearish trend with lows being created on high timeframes. With just a few days to go before the next FOMC meeting, we are expecting rates to stay at 5.50% which makes the dollar a more interesting currency to hold vs the australian dollar. Not also forgetting, the downfall of gold price which has a positive correlation with AUDUSD... A break below the triangle drawn above would confirm the bearish momentum and also make it a great breakout setup.
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A retest of the last high is fairly possible. I will close now at entry point and wait for next to have a fresh bia and potentially re-enter.
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New week and the consensus is the same for the coming FED meeting. I am bullish on the USD so Bearish on this pair.
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First target hit. Still expecting full target to be hit by the end of Q4.