To substantiate this stance, the (14) on monthly chart has already reached below 20 levels but still converging to the dipping prices. While RSI's downwards convergence was coupled with other leading and lagging indicators, it signifies that recent bull rallies seem to be exhausted with their momentum from last couple of days.
As a result, on daily graph we spotted out sharp Gravestone at peaks of 0.7082 to signal the weakness while %D line crossover in overbought territory on slow curve is also evidencing clear selling pressures. Overall, the major trend has been downtrend dominated by the bears with clear confirmation.
Most importantly, massive build ups on every price decline is observed, rising during is confirmation for heathy momentum in the trend.
Considering the above technical aspects, we anticipate more dips as the gravestone appeared at upper with leading oscillators showing downward convergence. Our next southward targets being 0.7023 and 0.6936.
Hence, the recommendation is to deploy one touch binary puts in our strategy in order to extract leverage on extended profitability as the implied for near month at the money contracts of AUDUSD pair has been highest among G20 currency segment and is seen at 12-13% levels for 1m expiry.
Such one touch option are high yields during high plays. The spreads for one touch AUD/USD options are constant time and barrier levels. Usually, such binary options for every change in 1 pip the relative change in option price 0.01% or even exponential at high implied times. You would see that sooner in charts how every dips would propel Vega effects.