FX:AUDUSD   Australian Dollar / U.S. Dollar
As you see in the 4H chart, the main trend is bearish and price is in a bullish correction phase in the form of an ascending parallel channel .

Currently, price is moving downside and is approaching to the channel’s lower band:

Since price is moving in the ascending channel , if it got rejected from the channel’s lower band, we expect an upside move towards the channel’s upper band around 0.7360

On the other hand, since the main trend is a downtrend, we can expect a downside breakout on the channel’s lower band.
If price can close a bearish candle below the yellow support level at 0.7130, I expect a drop to the next lows at 0.7082 and 0.6994

Personally, I’m on the bearish side for AUDUSD .
What’s your outlook? Feel free to share your ideas in the comments.

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