The AUDUSD has formed a small Pin Bar on the daily chart. This pair has been in an uptrend of late and rotations lower have ended with a reversal back higher with the trend continuing.
The Pin Bar reversal is formed from the near term support level that has held in the past as proven resistance. We may see price move higher from this Pin Bar and the trend continue. If price fails to break higher and the Pin Bar low and support are taken out, a new substantial move lower could be on the cards.
AUDUSD DAILY CHART – 16 AUG 2012