FOREX AUD/USD 20th August 2008 part 2



AUD 11:15

Push down from the 3-day filter and Weekly resistance levels, and into the 5-day 50% level....

It's either going to continue down today:- or find support and break higher during GMT or US time...

Personally I would partial exit at this level and run stops above the 3-day filter...

Price could end up back down into the Weekly lows if it continues down..

This 4 hour period into 15:00pm should give a few clues, if it closes below the 5-day 50% level, then there could be further weakness.

If it's still above the 5-day 50% level, then any shorts are open to risk on a breakout above the 3-day filter.