Welcome to my new analysis about AUDUSD on several timeframe perspectives. The AUDUSD continued with continuational bearish price-action as it pulled back from several levels to continue forming lower lows. Now a major consideration here is if this trend into the bearish direction is holding on and in my chart I detected major signs that such a continuation is highly likely as there are huge formations forming that are setting up the massive volatility waves to emerge.
As when considering the local timeframe perspective AUDUSD is forming this initial broadening-wedge-formation here which is going to activate targets below the 0.616 level. Once they are reached this will be even a part of a much larger formation which is actually a major broadening-wedge-formation, the fact that the price-action will also have formed a breakout below the preceeding trend-line that had the origins within the 2020 corona supply-shock bear-market breakdown lows.
The fact that AUDUSD is going to form the breakout below the lower boundary of the gigantic large global broadening-wedge-formation as well as below the preceeding massive corona-lows trendline based in 2020 will be the contribution to a much larger bearish trend-dynamic. Furthermore, a continued high inflation within the AUD area is going to raise the interest rates for this area which is likely to put more bearishness on AUD in combination with the strong DXY this is a combination from where bearishness is elevated.
In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.
VP
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NEWS UPDATE: The upcoming AUD inflation data and growth index is going to tell a lot about the current bearish sentiment of AUD in comparison to USD.
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ANALYSIS UPDATE: AUDUSD increased the bearish momentum, continuing to print severe bearish lower lows.
AUDUSD is going to accelerate the momentum further in the upcoming times.
Please see that I am not providing individualized trading advice here.
Nonetheless, before entering a trade it is always the best to wait for a confirmation. Also, the available trading tools and analytics at hand should be in the best case aligned to a trade entry.