The AUDUSD market has experienced an intense bearish trend over the last month without providing any good retracements back to the mean value (10/20 EMA) to provide good swing trading opportunities. The aggressive bearish trend has smashed through quite a few important levels with no remorse.
Last session a bullish rejection candle was printed on a weekly support level, which has previously acted as a turning point for the AUDUSD. It’s early in the session and it already looks like this setting is gearing up to break higher with price about to breach the highs of the reversal signal. Bullish positions can be considered via breaks of the high – but just remember this is a counter trend play and therefore higher risk, but with high reward potential.