But for now, bears have intensified the selling momentum even in short term, to substantiate this view, you can very well see the steep slumps after breaking neckline of triple top at 0.7069.
Also be aware of volumes have been mammoth at this juncture (see grey shaded rectangular area).
While the (14) has been leading these price dips with clear convergence. So, RSI's downward convergence near 30s (34.5163 to be precise, i.e. oversold region) with massive price dips signifies bulls seem to be completely exhausted with their rallies.
While slow is still evidencing %D crossover in oversold territory that is a clear selling pressure. Overall, currently the pair is trending at 0.6900 which is way below 21DMA that indicates the major trend has been downtrend dominated by the bears with clear confirmation.
And in addition, as you can make out from the diagram the implied for near month at the money contracts of AUDUSD pair has been highest among G20 currency segment and is seen at 13.8 -14% levels for 1w expiry.
Considering the above aspects we recommend deploying one touch binary puts in our strategy in order to extract leverage on extended profitability. By employing 2w At-The-Money vega puts one can multiply returns by twice, thrice or even pour returns exponentially. But do remember these are exclusively for speculative basis.