AUDUSD has been in a bearish trend with the formation of lower lows and lower highs. This means, once the market taps our level of resistance at the price of 0.6600, I anticipate another shors impulse towards the support level. We can further extend our profits towards the lower support level once this initial support zone is breached.

The ascending trendline has broken out for sells and the market has validated the price action. The descending trendline has retested the price at the resistance level as well.

There is no retracement level on this pair.

EMA 50 is still bearish which means the trend is continuing downwards.

RSI is at 35. It needs to neutralize at the 50 level in order for the market to align with the technical analysis to continue moving down.

AUDUSD sells from 0.6600

Feb 02 2024