On the faster timeframes, price is being rejected. Shooting stars are being formed at a level where the market has reversed before (previous resistance). With the FOMC maintaining the dollar interest rates, new trends are underway. This is a long term sell opportunity.
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The breakout appears to have been a fakeout!. Price is back below the resistance.
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100 PIPS!
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Very clean trend. 200 PIPS!
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The bearish momentum is getting stronger!
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The bearish momentum is clearly building up. This is the final week of the month and it will be interesting to see if the bears push price down to close at/below the opening price.
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Bulls took over the Asian session, but looks like price will close below the opening, by the close of the New York session today.
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Multiple shooting stars at this level on the Daily TF. With a shooting star, price opens and almost immediately the bulls take over. However, later in the session , price reaches a point where the bulls struggle to push it higher, and price becomes attractive for the bears. Waves of sellers start to arrive, as they slowly overwhelm the buyers. Eventually, by the close of the session , price closes back below the opening. This is an extremely bearish signal on AUDUSD. It means there is more downside to come.
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New lows being made everyday. Sweeet !
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Currently, what we are seeing is a small consolidation as the July monthly candle opens. A close below 0.6450 will expose the market to the October 2022 lows at 0.6170.
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Anticipating a breakout and continuation of the trend below 0.6600. Reserve Bank Of Australia earlier on Tuesday maintained the AUD interest rates at 4.10, providing a pull back and an opportunity to join the trend. AUD is weak on the long term.
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Price is back at the 0.6800 critical resistance. This is after the DXY dropped to its lowest in the last one year to 100.40. However, the DXY is now sitting at a very critical support, which was previous resistance. What happens next on the DXY will determine the next trend for AUDUSD.
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This idea is still very valid. The market did not break the previous highs. When the monthly candle opened, the buyers took over and the market retested the 0.6900 resistance. By the close of the monthly candle, which is more important than the opening, the market will have made new lows.
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Price was rejected at previous highs at the 0.6900 zone. Expecting the bearish trend to resume in the coming week.
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New highs above the highlighted resistance at 0.6890 were not made. This confirms that the resistance is strong and that price may be headed to the 0.6450 support.
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New lows ! 300 PIPS !
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Multiple shooting stars forming on the daily TF, a strong signal of more downside to come !
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400 PIPS ON THE TREND !
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The market broke and retested the 0.6450 support with a shooting star on the Daily TF !
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AUDUSD retesting the 0.6500 broken support before selling to new lows !
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As the market retests the 0.6500 broken support ( now resistance ), there are multiple shooting stars forming at this level !
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New lows on the trend @ 0.6350 !
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500 PIPS ON THE TREND !
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New lows on the trend !
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f the FOMC maintains the Dollar interest rates @ 5.50 later today, the DXY will gain more momentum, and AUDUSD will fall further !
Thedeveloper