AUDUSD has been in a bearish trend with the formation of lower lows and lower highs. At the support level, we expect another bounce up towards the resistance level priced at 0.6655 from where we are looking at the short levels. 

The descending trendline will breakout if the market continue towards the resistance level for the retest. Therefore, the trendline alone will not be sufficient enough for the market to change course.

The retracement level of 61.8% is in confluence with the resistance level. 

EMA 50 is curved downwards. The resistance level is in confluence with the EMA 50, anticipating a strong downwards pressure from the resistance.

RSI is at 38. It needs to be neutralized at the 50 level to align with the technical parameters of the chart.

AUDUSD shorts from 0.6655

Jan 18 2024