AUDUSD bear flag

Jan 30

Aussie has been in a downtrend and the dollar index has formed a bullish pattern and is trading above the key levels. We are now looking at the consolidation in the aussie and it looks like the consolidation is merely a bear flag from which a downside break is more probable.witht he dollar index forming a inverse head and shoulder pattern and the aussie forming a bearish pattern it only confirms the thesis further.

Feb 1

Trade active

Time to take partial profits? There is also a big support here in the aussie. If that gets taken out then we can see some more correction in the pair.