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.