It has failed to jump back into its previous massive parallel channel and it is 4th week we closed below it, which is not good for AUD. There are a lot of potential bullish falling wedge formations (white dashed lines) and IF we see some relieving news on trade wars, AUD might want to try its luck to turn the current structure into one of those wedge-ish formations and explode up to the resistance levels.
Otherwise I we are still in that steep falling parallel channel (yellow lines) and since I don't expect good news from the trade wars bullsh*t theatre going on, I think AUD will probably hit these lower targets eventually.
Otherwise I we are still in that steep falling parallel channel (yellow lines) and since I don't expect good news from the trade wars bullsh*t theatre going on, I think AUD will probably hit these lower targets eventually.
Comment:
Recent price actions on lower time frames suggest we might have a double bottom pattern, thus if we pass 0.6830 there might be a relief rally towards the channel resistance. Let's see. Unless we escape from the downtrend channel the above analysis is still valid.