FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD has my interest. Looking at the bigger picture, we still remain bearish , creating lower lows and lower highs. What interests me is we are now trapped within a falling wedge , which in my opinion is a bullish market pattern which tends to result in a breakout above, we also have huge support below within the grey boxed area.

Therefore I will be watching price action to see how price reacts to 0.7125 area which aligns with:

- 0.618 retracement from the recent high to low,
- Daily 50EMA
- Third touch of the descending trendline.

Comments

have same view just different way of coming to it!! :)

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