For a 4th straight week AUDUSD is under pressure. 4 weeks ago we warned that a bearish weekly candlestick had formed and price was vulnerable to a move lower towards 0.70.
AUDUSD is trading around 0.7165. Short-term trend is bearish as price continues making lower lows and lower highs after the top around 0.7663. Price remains vulnerable to a move lower towards 0.70 where the major horizontal support is found. There is no sign of a reversal or a major low. In the Daily chart the RSI continues to form lower lows as the price does. AUDUSD is expected to continue lower with minor bounces higher.
