AUDUSD remains in a bearish trend. Price is inside a bearish channel. Price has been making lower lows and lower highs. The RSI is providing bullish divergence signals. Traders need to be cautious as a change in trend is justified.
Blue lines - Bullish divergence
AUDUSD is clearly still in a bearish trend. Bulls need to break above 0.7380 in order to have the first reversal signal. The RSI has provided us with a warning of an imminent reversal but this is not enough. This is just a warning. Bulls need to show more signs of strength. Breaking out of the bearish channel could bring price back towards 0.75-0.76. As long as price is below 0.7380, we expect to see new lower lows.
