DISCLAIMER - This analysis does not warrant any immediate buy and sell. Every trader should do their analysis themselves and have proper risk management executed perfectly in accordance with their trading plan.
AUDUSD has been surging since it plunged to 0.055090. Since then, it came back to where the bulk of trading happened at its price channel where it also deviated. From DXY perspective, as its negative correlation, the price itself is sitting at its lower boundary, which could trigger some potential bounce up to the higher boundary of the price channel . The correlation between the two is highly visible and from price action perspective, AUDUSD will be controlled by sellers now as price bounces off at a major resistance in 0.7050.
AUDUSD has been surging since it plunged to 0.055090. Since then, it came back to where the bulk of trading happened at its price channel where it also deviated. From DXY perspective, as its negative correlation, the price itself is sitting at its lower boundary, which could trigger some potential bounce up to the higher boundary of the price channel . The correlation between the two is highly visible and from price action perspective, AUDUSD will be controlled by sellers now as price bounces off at a major resistance in 0.7050.