When you take a look at the Daily timeframe, you could clearly see that the general trend of price is in the downtrend, for the fact that price couldn't break through the previous lower high. Last week Friday's daily candle closed in a doji form warning us of a bearish pressure coming in soon. In the H4 timeframe, Price kept rejecting that zone onwards signalling a change in direction. After the trendline breakout, Price has made a retest of the broken trendline before breaking the support level.
Therefore this pair should get to the monthly key region or even head down to the previous lower low. There is news on Aud coming up in an hour and this might affect the pair to make a retest of the broken support region before heading down
Therefore this pair should get to the monthly key region or even head down to the previous lower low. There is news on Aud coming up in an hour and this might affect the pair to make a retest of the broken support region before heading down
Comment:
Last week was a bearish Usd Index which have affected the Aud/Usd by being bullish. Also affected other Aud pairs by its strength. We see some consolidation around my highlighted region. We see some rejections at the daily timeframe. We may see a potential move to the downside if price breaks the short term uptrend.