Looking at the 4H chart for the AUD/USD I see that we could be looking at a possible short setup that has the potential to run down quite a ways. Right now the pair is in a strong bearish downtrend and is currently sitting on top of a weekly support. You can see from the past the pair has tried numerous time to crack through the 0.77317 resistance level only to retreat quite a ways before trying again. It's last attempt was on March 21, 2017 and has been in a hard decline ever since. Look for this pair to break through and close below the weekly support level @ 0.75436 before jumping into the trade. The next logical targets are 0.75200 and 0.74917 if the 0.75200 level is taken out.
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