AUD/USD strong bearish divergence
On the daily we have a clear divergence, price making higher highs while RSI is making lower highs,
We also presently broke above the daily uptrend and fell right back under it,
my thinking is if this were a clear break we would have a bigger move with more momentum,
since we have fallen back under the daily downtrend, I am thinking this was a fake breakout,
What I am seeing now is price currently has fell back to the minor structure lower high trend line,
I could see A/U continuing to fall if we hold under Daily downtrend,
Below we have a 4hr uptrend, that began from the previous major swing low (oct.13th),
With this line and the daily I am seeing a wedge, we could trade within the wedge before a breakout,
to test the previous high again or the previous low from oct.
We also presently broke above the daily uptrend and fell right back under it,
my thinking is if this were a clear break we would have a bigger move with more momentum,
since we have fallen back under the daily downtrend, I am thinking this was a fake breakout,
What I am seeing now is price currently has fell back to the minor structure lower high trend line,
I could see A/U continuing to fall if we hold under Daily downtrend,
Below we have a 4hr uptrend, that began from the previous major swing low (oct.13th),
With this line and the daily I am seeing a wedge, we could trade within the wedge before a breakout,
to test the previous high again or the previous low from oct.