Possible Short Entry AUDUSD
First off I want to say this pair is really crazy. Since February 2016 when it soared amid high iron ore prices it did not have a full-fledged correction yet. Most of the traders shorted the pair all the up to 71 then 72, 73. 74, 75, 76 and now its being traded above 77 and on way to hit 78. But it seems that Australian government is unlikely to favour high aussie price but the market doesn't care. The price heads up to 78+. I set pending order at 7800 as weekly chart shows pretty strong resistance at this level. Overall we're still in the long-term descending channel so I am a bit skeptical about 79s and 80s however strong bullish move may wipe off all the bears along the way. This pair literally doesn't want to drop but I see a nice potential to short it at 7800
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