AUDUSD remains in a bearish trend making lower lows and lower highs. Price has formed a downward sloping wedge pattern and I believe if see bulls recapture 0.6640 then we should expect more upside towards 0.6740.
Red lines – wedge pattern
Green line – bullish divergence
Yellow rectangle – target if resistance breaks
Black rectangle – resistance
AUDUSD is showing reversal warnings. Price is still below resistance and continues to make lower lows even if the RSI does not follow. Price has resistance at 0.6640 and a break above this area would be bullish for AUD. Our target would be near 0.6740, so traders need to be cautious as a trend change could be around the corner.