Where does AUDUSD go from here? The pair is currently threatening to break below its weekly ascending trendline. Weekly Stochastic/RSI divergences clearly supports a decline. MACD has completely lost its upside momentum as has remained flat for too long. If this occurs, we could see a much deeper correction than anticipated as the markets has just hit the "panic" button dumping risk bearing (but interest yielding) assets e.g NZD, AUD assets left,right and center following the widespread uncertainty in global markets. The current trading patterns of human traders and Algorithms give cause for concern. However, bear in mind that AUD interest rate differential still favors some investors which could see them hitting the "swing-long" buy button now that the pair is "more affordable". We are keenly watching this trendline which could determine our next course of action. Is this a complete trend reversal? only time would tell. #forex