Good morning traders, today we bring you our analysis of AUD/USD, since we consider that there may be some conflicting opinions about this pair as far as technical analysis is concerned.
🔸As we can see, this pair has been in a clear uptrend for more than a year.
🔸If we trace the bullish channel, we see that recently the lower trendline was broken to the downside, which may have been a bearish sign for many traders.
🔸In fact, the price generated some movement in the direction, until it faced the demand zone.
🔸Since then, we have seen a consolidation move with no clear direction.
🔸Although the trendline was broken, as the support did not break, the main trend remains intact, so we can expect a new upward movement towards the next resistance zone.
🔸If we reduce the timeframe to 4H, we can draw a corrective pattern. The idea is to wait for a breakout before making any decisions.
🔸As we can see, this pair has been in a clear uptrend for more than a year.
🔸If we trace the bullish channel, we see that recently the lower trendline was broken to the downside, which may have been a bearish sign for many traders.
🔸In fact, the price generated some movement in the direction, until it faced the demand zone.
🔸Since then, we have seen a consolidation move with no clear direction.
🔸Although the trendline was broken, as the support did not break, the main trend remains intact, so we can expect a new upward movement towards the next resistance zone.
🔸If we reduce the timeframe to 4H, we can draw a corrective pattern. The idea is to wait for a breakout before making any decisions.