This one is very simple to follow. AUD/USD has been inside the bearish channel for sometime now. With Tiny bullish rallies that were not enough to change the direction of the trend just yet. The resistance line was tested 4-5 times, failed, therefore continued the bearish trend.
The golden rectangle if broken, will serve as confirmation that bulls have regained some control and a uptrend may begin to form. If tested and does not break, expect bearish control. Sell/Buy orders would be placed anywhere in the rectangle depending on priceaction/market structure and of-course your stance in the market.
Daily and monthly RSI's imply Bearish momentum remains intact.
AUD/USD hit a new trendlow around 0.6585 before bouncing. So eyes on that break if bearish for entry's! The March 17&18 2009 daily lows (0.6566) support is the next to be threatened.
Concerns for economic growth with COVID-19 potentially halting buys.
Overall - In a bearish trend, any bullish movement will struggle to hold for now.
The golden rectangle if broken, will serve as confirmation that bulls have regained some control and a uptrend may begin to form. If tested and does not break, expect bearish control. Sell/Buy orders would be placed anywhere in the rectangle depending on priceaction/market structure and of-course your stance in the market.
Daily and monthly RSI's imply Bearish momentum remains intact.
AUD/USD hit a new trendlow around 0.6585 before bouncing. So eyes on that break if bearish for entry's! The March 17&18 2009 daily lows (0.6566) support is the next to be threatened.
Concerns for economic growth with COVID-19 potentially halting buys.
Overall - In a bearish trend, any bullish movement will struggle to hold for now.