The Forex Pattern, Price & Time Report – AUD USD – Midsession

A few things are occurring today in the AUD USD which may be indicative of lowerprices to follow.  Firstly, this pair is in a position to close under amajor 50% retracement level at .7928.

The weak equity and commodity markets have triggered renewed selling pressure in the AUD USD.  

A few things are occurring today which may be indicative of lower prices to follow.  Firstly, this pair is in a position to close under a major 50% retracement level at .7928.

Secondly, another lower-top may be forming at .8117.  We will not know for sure until tomorrow.

Thirdly, this pair is trading under a pair of lower-tops at .8238 and .8264.

Fourthly, breaking under a minor retracement zone at .7857 to .7761 will put this market in a weak position.

Finally, the weak close has this market in a position to take out a pair of Main Bottoms at .7849 and .7828.

Should the AUD USD begin to sell-off, then look for a break to at least .7274.