I am continue to be bearish with this pair, mainly for a few reasons:
1) The weekly candle ended bearishly
2) Price is forming lower high and low on the daily TF
3) Price is forming a rounding top (a pattern for trend reversal)
4) In the 4 hour TF, for every few bull candles, there will be a big bear candle
5) Price ended below intraday control
6) COT data is bear-bias for AUD
Price is now at a pretty supportive region due to the Cluster of ICs (COCs) and on the 4 hour, price formed a nice bullish pin bar with a nice volume. Therefore I am expecting price to be pushed up a bit but the bearishness should continue to push price down.
If price can break past the trench, it should be no problem going to 0.776 and then 0.768.
1) The weekly candle ended bearishly
2) Price is forming lower high and low on the daily TF
3) Price is forming a rounding top (a pattern for trend reversal)
4) In the 4 hour TF, for every few bull candles, there will be a big bear candle
5) Price ended below intraday control
6) COT data is bear-bias for AUD
Price is now at a pretty supportive region due to the Cluster of ICs (COCs) and on the 4 hour, price formed a nice bullish pin bar with a nice volume. Therefore I am expecting price to be pushed up a bit but the bearishness should continue to push price down.
If price can break past the trench, it should be no problem going to 0.776 and then 0.768.
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Price is testing support at 0.788. Once broken, 0.776 should be attainable.