AUD/USD used to be the most bullish pair from March last year when the USD turned bearish, until the last week of February, climbing 24 cents from the bottom. But, it reversed down in the last week of February, as the long term decline in the USD stopped.
The price reversed back down after popping a few pips above 0.80, flushing out some weak stops above that big round level. The price fell nearly 400 pips but it retraced higher last week. We decided to take a sell position today, as the 50 SMA (yellow) which has turned into resistance pushed the price down. Now this pair is heading down, so we’re keeping this trade, targeting 30 pips.