AUD/USD Trend-Follow Play

The Initial Trend’s medium to high reading indicates that the downtrend is intact on the 30 minute chart of the AUD/USD.  The Continuation Channel Down is setting up a correction entry in what would be a trend-follow or “swing” play.  The downtrend line resistance (green) is the short entry trigger for the bounce within
the the downtrend.  Currently that level is at the 0.9226 level. Keep in mind that the Initial Trend reading could also point to distribution and therefore exhaustion near the downtrend line would be expected.