Last week i favored a bullish AUD but after seeing how price action unfolded and numerous failed attempts to break and sustain a move above 0.69175 in the previos week, I now have reason to believe that the bears are still in control of the market.
Stepping back and re-analyzing this pair highlights the confirmation of a downtrend (two touches on the trendline) with the second rejection lining up with the 38.2 Fib level. Should price once again fail to break above 0.69175 the price has the potential of declining towards 0.67992.
On the flip side, a break of 0.69175 invalidates this scenario. Further confluence will arise upon a third rejection of the trendline so it serves as a very key technical indicator for this pair.
Stepping back and re-analyzing this pair highlights the confirmation of a downtrend (two touches on the trendline) with the second rejection lining up with the 38.2 Fib level. Should price once again fail to break above 0.69175 the price has the potential of declining towards 0.67992.
On the flip side, a break of 0.69175 invalidates this scenario. Further confluence will arise upon a third rejection of the trendline so it serves as a very key technical indicator for this pair.