Description
⋅ Last week, Australia employment report saved the Aussie from the decline and drived it to 0.7150
I talked about a Head and Shoulder pattern but it should ignore to consider some new signals from Technical Analysis.
Look at on the chart, I see three things:
- A descending channel.
- AUDUSD contacted Kumo cloud.
- A Doji star.
- SMA50 test
Those resistance levels converge around 0.7140-0.7150
I maintain bearish bias for Aussie and consider recent squeeze is just short term, the long term bias is still bearish.