Since AUD/USD broke out below the trendline on the 4-hour chart, we expect the pair to weaken especially amid the Covid-19 pandemic. However, as we see this pair is holding now at the Discount Array area according to the Interbank Price Delivery Algorithm (IPDA) 60-day ranges. So, we expect AUD/USD to test the SELL Side Liquidity Pool of 0.6255 first before the price goes back upwards again to hit 0.6398 as long as this pair does not go down deeper below the 0.6196 level.
The overall bias of AUD/USD is bullish.
(Disclaimer)
