Please click on the Daily AUDUSD chart for a better view.
Despite taking a dip below the 0.6300 level, the AUDUSD seems to be holding the base of the dominant upward sloping channel nicely and one of the things i find very positive is the way the angle of descent is starting to break down and begin to form a rounded bottom. I have indicated this with the thick light blue lines.
What does this tell me?
1. We STILL need to take out 0.6600 to remove the risk of heading back BELOW 0.6300.
2. We are in the process of forming a bottom on the AUDUSD which could well be the bottom and the buying opportunity of the year.
3. This should continue to unfold throughout the course of next week so no need to jump in too quickly although dips back to 0.6400 are worth having a small bite at for now with the view to adding to the position of further dips next week.
