AUD/USD turning down. possible scenario.
AUD/USD daily chart, 4/3/2013 brake-line channel(blue) resistance line. Looks to have lost the 24/1 uptrend line.
Has found some support on the 50 sma, 12/11/13 low. possibility for a small bounce, but MACD and angle point to horizontal support 0.91979, where 4/12/13 channel(red), 75 sma and 200 sma might be converging.
From there, the pair could bounce to top of break-line channel(blue), consolidate till/before 22/7,
breaking below this support, could make the way to 0.90600, red channel, 50% fibo
A decisively break out of the blue channel, invalidates the above scenario.
Has found some support on the 50 sma, 12/11/13 low. possibility for a small bounce, but MACD and angle point to horizontal support 0.91979, where 4/12/13 channel(red), 75 sma and 200 sma might be converging.
From there, the pair could bounce to top of break-line channel(blue), consolidate till/before 22/7,
breaking below this support, could make the way to 0.90600, red channel, 50% fibo
A decisively break out of the blue channel, invalidates the above scenario.
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