AUDUSD under strong selling pressure lately,and it can continue!

During the month of March the AUDUSD bears were very active, as we can see on the Weekly chart, every week of March was bearish. We can expect this mood to continue in April too as the price is expected to get lower and test the bottom of the channel in the Weekly chart. On the Daily/ 4 hours chart we can notice that we have a support area at 0.7670 which is near the current price action so we may expect here maybe a bullish move to test the support at 0.7750 where we have also Monthly PP, where we think that short position orders will flow the market and the price will drop even below support at 0.7670. We will be looking for short positions if price reaches the 0.7750 area in anticipation of a strong downwards move. Our analysis for the pair will be no longer valid if price manages break and close above the 0.7750 resistance area.