Good morning traders! Today, we will analyze AUD/USD on a Daily Timeframe, we will detail the technical aspects of this pair, and we will explain why we consider the bearish view at this time.
🔸First of all, we must clarify that the main trend, so far, is bullish. Although the trend line was broken, the price still failed to break down any major support zone, which could imply a trend change.
🔸As we see after the break of this trendline, the price remained lateral for some time until it managed to generate a downward momentum and break the minor support zone.
🔸At this moment, we have been within a small range for a few weeks.
🔸What we are waiting for is a bearish break of this price range and a continuation towards the next support zone.
🔸If the movement is strong, the support zone may break, but being such a high-demand zone, it would be a bit risky to assume that it will break beforehand.