Red lines- bearish channel
blue line- support
Yellow line- bearish rsi divergence
AUDUSD is trading around 0.6760. Yesterday AUDUSD was trading close to 0.6890 just below the upper channel boundary. Price got rejected and has turned lower since then. Price formed a double top at 0.6890 area and if we take into consideration the bearish RSI divergence, the chances for a deeper pull back have increased. Support remains key at 0.6650. A break below this level will confirm the trend reversal. As long as price remains inside the medium-term bearish channel, AUDUSD will be in control by bears.
