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AUDUSD-Daily (Bear is ruling the AUDUSD) Next levels to watch

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD
After reaching the year high around 0.74000 from yearly low around 0.56000 which is a 1800 pips rally. At 0.74000 it got some rejection and felled towards 0.70000 level which is a .786 Fibonacci retracement level and September 2020 low.

From this point AUDUSD bounced back towards 0.72000 as a short term bullish correction. Currently the AUDUSD was driven by the risk sentiment and political developments around the world.

In daily chart yesterday its leaves a gravestone doji which is a clear sign of continuation of the bearish trend and today Reserve bank of Australia governor Mr. Lowe hinted that RBA is ready to act to easy further and cut the rates even below zero to maintain the economy afloat.

The unemployment rate was slowly increasing and the local economic development is facing some hurdles to recover from the pandemic shock. The recent political development with People republic of china will also weigh this Proxy pair Australia is heavily rely on the China for Both the imports and exports In recent days The Australian government is facing series of import bans.

As the vaccine development facing some minor issues such as serious side effects on the candidates who are tested with pre approved vaccines has poured some cold water on the virus infection curtailment Around the world many countries are implementing the second, third tier lock down measures to contain the virus infection. These fundamental factors will drive the AUDUSD .

And the Economic stimulus talks in the USA will also weigh on AUDUSD as the hope for stimulus talks worth around 1.8 Trillion was slowly waning which is will boost the strength of USD in turn AUDUSD will fall further

.786 Fibonacci will act as next resistance for the Bearish trend . If this level was broken then the downside swing target would be 0.67000 which is comes around .618 Fibonacci retracement level and March 2020 High

On Elliot wave theory the second wave was completed and the third wave was underway. I am expecting the 3rd will end at .618 Fibonacci level The price is well below the Point of control on visible volume profile range.

Today daily candle close will decide the next upcoming movement of AUDUSD if the price closed below or at current level then it will leave a strong bearish engulfing candle

Currently 100 Exponential moving average is holding this pair against further drop and the current price is well below the 20,50 Exponential moving averages. If the 100 EMA was broken then 200 EMA will act as major resistance
for the bear.

Relative strength index is well below the 50 And pointing towards south. MACD is about to turn red and going to cross the middle line

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