Near Term Trend: Bullish / Neutral
As of 2/9/18 close: 0.78088
UPDATE: Last week, I suggested buying AUDUSD near 0.78067 with stops below 0.77900 and with a target of 0.82092.
The AUDUSD dropped sharply this week on US Dollar strength and weakness in crude oil and copper. The pattern on the daily chart suggests that we could see a bounce and then another sharp drop.
Get long here with an upside target of 0.80533. Sell there and get short with stops above 0.8075 and with a downside target of 0.77461.