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AUDUSD what will be the next stop - Detailed analysis

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD
If we observed closely the Volume profile if the price broke below of upper side of POINT OF CONTROL its tend to move on the upper hand side either bullish / bearish . After reaching the 0.74000 key psychological level its got some major rejection and felled below August low and reached 0.70000 key psychological level

The negative risk sentiment has influence this pair negatively and seen a deeper correction. And felled below 50% Fibonacci retracement level broadly. The Economic condition in Australia is deteriorating as the manufacturing sector facing a pandemic shock. And the Diplomatic relationship with People republic of China is strained in recent days as the Former country is imposing wide range of ban to the imports such us beef,wines,oats etc. And Central government of Australia is asking a probe against china for the epidemic of corona virus. And the Australian government is preparing to unveil locality based lockdown measures to curtail the spread of infections and in State of Victoria the lock down is already imposed

AUD is the Proxy currency tend to react to the market positive/negative sentiment rather than local factors. Positive vaccine news and the economy rebound around the world will boost up the AUD pair along with the NZD

On technical front 200 SMA is acting as barrier for the bull in 4hr timeframe coordinates with 50% Fibonacci retracement level. Above that 38.2% Fibonacci (0.72585)will act as support level for the Bear and its coordinates with the upside trend line . And above which August high level act as another support level for the bear

We can expect sellers will push the price towards south from this level and the downside target would be 0.71350 and swing target would be 0.70000. And even may reach the lower trend line area

If the Price broke the 0.73450 then the bearish trend will get invalidated. and the bullish target would be 0.74110 which is a September month high

Hourly
In one hour timeframe the price moved above the 200EMA and RSI has reached overbought territory we may expect short term downward moment towards 200 EMA currently lying at 0.71400. At the time of writing a doji candle has formed which indicates the continuation of the bullish run

Daily
In daily timeframe the Strong bullish engulfing candle was formed on September 28 and AUDUSD went bullish for the four straight day. Ichimoku cloud is slightly turn red and pointing towards south. RSI managed to push above the 50 level

Weekly
In weekly timeframe the bullish candle is still hiding under the strong bearish candle and 200 EMA capped the upside rally today


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