What an eventful week right? AUDUSD saw a massive rise to the weekly , trading above former support (yellow area, which we'll look at on the weekly) but managed a very intense sell off on Friday to paint a much different scenario. In a multi week channel on the daily it looks incredibly likely that monday/tuesday very early next week we will see the bears begin to sell off much stronger.
Watch for the channel break on the lower time frames and be smart about the entries. The weekly candle suggests the momentum is strong enough to carry us below .6800 by the end of week...with initial targets looking like .65-.66 in the near future.
Here is the weekly candle, long wick with body - very strong indication of further downside next week.
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Keep an eye on the .7160 level, this is the long term bearish strength. While daily candles may look strange, the market seems to just be 'riding' the former support that was broken as resistance. I remain bearish unless a daily candle close above .7160 is made.