Red lines- bearish channel
AUDUSD continues to make lower lows and lower highs. Price is trading around 0.6255 at fresh weekly lows. AUDUSD remains inside the medium-term bearish channel. Our most recent bearish signal as give a few days ago when price broke the bearish flag downwards. Traders were warned about the bearish pattern of AUDUSD and its vulnerability to the downside. Channel resistance is found at 0.6455. As long as price is below this level bears remain in control of the trend. The RSI has reached oversold levels but there is no sign of a bullish divergence. A bounce towards 0.64 is justified but I would not expect to see a major low any time soon.
