Red lines- bearish channel
Blue lines- Fibonacci retracement
Yesterday we noted the importance of the channel resistance in the Daily chart of AUDUSD. Price got rejected and has turned lower. Price remains inside the bearish channel and bears are still in control of the trend. AUDUSD remains vulnerable to more downside as long as price is below yesterday's highs. Bulls need to break above the 0.6360 level. Only then we will get a bullish signal. Until then we remain bearish.
