AUD/USD Continued Short Bias
All of last week I was short the AUD/USD and this netted some decent pips. NFP data did stop me out but my tight parabolic SAR trailing stop (4H chart) ensured most of last week's move was bagged. The question is whether the downside bias will continue. I think it will and have entered short as we are testing the kumo from beneath on the daily chart. I expect price to try and retest this level (also represented by the top of the Kumo on the 1 hour chart) and the Kijun (red line ofn the 4hour chart) before continuing to the downside. Some fairly big economic data concerning Australia later in the week mind so watch out for an increase in volatility
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