AUD/USD - beginning to roll over to the downside?

AUD/USD continued its bullish move up from the week prior, climbing to 0.7340 on Monday last week. Although making gains early in the week, price couldn’t post a higher high on the daily timeframe. From a daily perspective price is still very much within a bullish trend, but the posting of a lower high on the daily and another rejection from the weekly descending trend line, could mean AUD/USD is beginning to roll over to the downside in the long term. The push back up to 0.7340 also falls nicely as a retest of the previously broken ascending daily trend line (green dashed on the charts).

With the ascending 4H structure broken to the downside, this week we will be looking for a continued bearish push from the weekly resistance zone. For a bearish scenario to continue, AUD/USD needs to post a lower low on the daily, which would mean a break of the strong support at 0.7005. However, if price does not have the conviction to break below 0.7185 or below the latest ascending daily trend line, we would then expect price to make another bullish push from there.