Red lines- bearish channel
Blue line- support trend line
AUDUSD is trading around 0.6673 while price remains inside the medium-term bearish channel. AUDUSD recently reached the upper channel boundary and got rejected. The resistance at 0.6750 remains intact. Price has made a pull back towards 0.6637 and then bounced higher towards 0.6732. AUDUSD has formed a lower high at 0.6732 and is now moving lower. A break below 0.6637 will open the way for a move lower towards the blue upward sloping trend line at 0.6550. At 0.6550 we also find the horizontal support which was previously resistance. Price formed a double top around 0.6550 before the break out and the move towards 0.6750. Therefore 0.6550is a very likely pull back target.
