Currently the Australian Dollar is trading below 0.6950 area.
Another leg higher is at doubt as price is in a downtrend on the daily timeframe as shown by the trendline.
Price is forming lower highs and lower lows.
The stochastic oscillator with 5 2 2 as the setting is also indicating downward pressure as it is trading below 50.
If the bears continue mounting pressure we expect a drop in price towards 0.6800 or 0.6700
Another leg higher is at doubt as price is in a downtrend on the daily timeframe as shown by the trendline.
Price is forming lower highs and lower lows.
The stochastic oscillator with 5 2 2 as the setting is also indicating downward pressure as it is trading below 50.
If the bears continue mounting pressure we expect a drop in price towards 0.6800 or 0.6700