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AUDUSD technical analysis. Potential opportunity

AUDUSD Tech analysis by Simon Kazinsky on 09:47 November 17, 2014 EST

AUDUSD is in bear mode since 0.92 but it has been staging an upwards correction since November the 6th.

The pair got close to the ascending trendline that gave support in the previous correction, now potential resistance, hit the moving average that has been capping the descend since 0.92 to the pip and then reversed setting a red candle on the daily chart at this hour.

Retail traders remain long this pair which is further evidence that the trend is down.