As the USD regains it's former strength and as Gold slumps once more, I take a look at the Daily on the AUDUSD0.48% to dig out a extreme area of value.
The numbers below match the numbers on the chart.
1. Price pushed above 0.724, but bears pushed price back below
2. Break back below the 50 EMA
3. Tweezers candles on testing the 50 EMA and the down sloping trend line
4. Break below 0.71 and up sloping trend line
With the price now pulling back I will be looking for a high test on the 0.71 level (represented by the red arrow)
Confluence factors: Lower highs/lower lows, 2 trend line resistances, below 50 EMA 0.382 fib retracement, 0.71 resistance, path of least resistance across the major time frames.