Chart of the day

AUDUSD is testing the downside resistance of 6500 and a break below this level will lead to a downside continuation to 0.5700 in the fifth downside wave.

Only a clear confirmed break above 0.6680 is now required to invalidate the downside extension. A confirmed break below 0.6480 will mean that we are in the fifth downside wave with an extension to 0.5800.

Short-term short trades could be opened here with a stop loss above 0.6680 with a higher probability of success. Long AUDUSD trades should be opened only upon a confirmed break above 0.6680 If you are a conservative trader you should wait for a break below 0,6480 to go short.