AUD/USD - Bears are in control pushing prices lower

The AUDUSD currency pair on the 4 Hours Chart has been in a downtrend since 7 May 2019 when it registered the high price at 0.70483. Subsequently, the price displayed a series of lower tops and lower bottoms. On 15 May 2019, the AUDUSD currency pair recorded the low price of 0.69223. Applying Oscillator Analysis on the price chart, one can notice that price is trading below the SMA 60 period Moving Average line, a fact that confirms the downward direction of Aussie. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values below the fifty line which indicates negative sentiment. All three technical indicators are in agreement for the downward bias of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 0.69316 (161.8%). The second price target is seen at 0.68778 (261.8%). The third price target is projected at 0.67907 (423.6%). The first target was reached successfully. The Aussie is currently trading below the downtrend line. The presence of the Morning Star pattern hints for a potential rally to the upside. Of course, supply and demand as well as the crowd sentiment will determine the course of Aussie.