AUD/USD Primary & Weekly Cycles
Treat the Trend as a break and extend pattern towards this week's lows @ .7187. (random support) Previous Report
As noted in the previous report, the trend had changed because of the failure of the Yearly 50% level to hold and the breakout of the Weekly lows.
Once the Weekly lows had broken, we follow the 'Dilernia Principle of Break and Extend" in this case down into .7187, which has now completed.
The overall trend is to continue down into .7038, however don't be surprised to see a rise and retest of the Weekly 50% level and the MAY 50% level beforehand.
In Conclusion:- Trend Down into .7038 with an each way bet on a short-term bounce from this level @ .7187
