Mulltiple confirmations give me reason to believe that AUDUSD is going down. The Stochastic RSI indicator appears to be overbought. The bull run looks like it is losing steam. On the D1 timeframe, the price has been falling since late January and looks like it will continue its drop. On the Weekly timeframe it looks like a 3-drive has made its completion and a correction is soon underway. Price may bounce off of the previous demand zone before it continues upward for the long-term but there is a very strong trendline showing multiple re-tested support on the higher timeframes. My theory is that price will return to the demand zone short-term in order to gain strength to continue the longer-term bull-run. According to my analysis, price may fall 100 or so pips from current price which is at .77879 before it rises again.
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