Do you remember this?
AUD/USD, after weeks of what I believe is simply a rallying setting up for the next leg down, has finally given us a weekly VSS within the sell zone we identified a couple of weeks ago. Late last week we finally broke below the daily moving averages after the pair had been on a nice ride of the moving averages higher.
On the weekly we have a VSS that not only triggered but also has given us a close below the moving averages. The nature of the weekly bar leads us to believe there will be more downside in the AUD/USD over the next few weeks. It is after all one of the most bearish bars in our language.
This week, lets pay close attention to the AUD/USD for some continuation to the downside. Remember, ELIMINATE ONE SIDE OF THE ORDER FORM.