Price is moving down in Downward channel. I think there are a big chance for next price decreasing to 0.6826
Reasons:
1. Long — term trend is still bearish. Most of the time the price continue trend move.
2. Major currencies (EUR, NZD, CHF, JPY) move down like Australian dollar.
3. Take look on weekly chart, the price closed under key levels 0.7145 and 0.7089
The main Law of technical analysis is: under key level open Short.
4. On the next week I will look for Short entry near key level 0.70884 with low risk.
Long I will open near 2 years low 0.6826, because under that level many traders hide their stop loses. On the market, if big players want to buy someone needs to sell it to them.
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Also write in comments, what you think about AUD/USD.
Reasons:
1. Long — term trend is still bearish. Most of the time the price continue trend move.
2. Major currencies (EUR, NZD, CHF, JPY) move down like Australian dollar.
3. Take look on weekly chart, the price closed under key levels 0.7145 and 0.7089
The main Law of technical analysis is: under key level open Short.
4. On the next week I will look for Short entry near key level 0.70884 with low risk.
Long I will open near 2 years low 0.6826, because under that level many traders hide their stop loses. On the market, if big players want to buy someone needs to sell it to them.
Push like and Subscribe if this Idea is useful for you.
Also write in comments, what you think about AUD/USD.
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