In addition to being in a long-term downtrend, the downside movement on the audusd has recently accelerated. MACD, RSI and SMAs are on the bearish side. In the shorter term, the downtrend is marked by the steep diagonal connecting the last 3 highs on the chart. A pullback to this diagonal may be a good short entry point. In case of an upside breakout of this diagonal, one would place a stop-loss right above it. For those who want to play it safer, you may wait for a pullback on the 50-hour SMA (pink on the chart) to open a short position.
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