AUDUSD is trading in a channel Bearish divergence is forming

FX:AUDUSD   Australian Dollar / U.S. Dollar
Reserve bank of Australia latest monetary decision clearly shows us the optimism over the market and the risk appetitive was growing recently. Mostly they will follow the inflation targeting method as central bank of America.

Vaccine development news was the supportive factor for the Aussie dollar rather than their national economic development.

Previous month the GDP was plunged to the record low level. Most of the sectors are showing some sign of recovery after the pandemic situation.

After reaching September high 0.74120 the price was dropped to the 0.72000 major psychological level And low volume level. And USD has recovered some of the earlier loses.

Price is currently trading below the 38.2Fibonacci retracement level. And rising channel is also forming. This may consider as a larger bearish flag formation
On higher timeframe.

The price is trading above all the 50,100,200 exponential moving average .
On Elliot wave principal the second wave is almost completed in minuette level after the minor correction waves.

0.73000 will act as resistance for the bearish trend . RSI is pointing towards bearish trend as its reached 70 level. RSI pattern shows as a bearish divergence. The Primary target would be 0.72000

Key levels
3 Month high -0.74133
3 Month low - 0.68065
6 Month high - 0.74133
6 Month low -0.55098
yearly high - 0.74133
yearly low - 0.55098

Pivot points

R3 0.7338
R2 0.7334
R1 0.7329
PP 0.7325
S1 0.7320
S2 0.7316
S3 0.7311

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It’s not a financial advice. Do the analyze and take a decision.
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