AUD/USD just the other day flushed through the yearly low, very nearly tagging the big 7000 level. The flush and reverse has the outlook neutralized at worst for now. If the low in September and channel on the 4-hr time-frame can be broken, then look for the neutral outlook to firm up towards bullish.
For those short from higher levels, they may want to use a confirmed break higher to button up trailing stops, while would-be longs could use a break above resistance to key in on entries that take advantage of further strength off the recent lows.
See the video above for the full details…
AUD/USD 4-hr Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
