AUDUSD BEARISH SETUP
AUDUSD: Lastweek Tuesday i published an extensive technical analysis on the BEARISH price action outlook on the pair, I analysed how price was presurrising the outlined 1year UPTRENDLINE from March 2020 Coronavirus Low, i also made mentioned of the edge we've that can bring about a break below the TRENDLINE, which is what we saw happened on Thursday 4th March.
By the end of last week, we had 2 Daily and a Weekly close below the BEARISH FLAG and most importantly below the TRENDLINE, going into the new week and the rest of the month, we will be looking out for retest of the TRENDLINE holding for more downside, i'll also be looking out for price action at the 61.8 retracement zone @ 0.7770 (of the impulse move from the resistance ray of the BEARISH FLAG to last week low). Rejection price action or candle (Daily PINBAR most preferably) in these zone will signal more downside with overall target @ 0.7400 support zone.
WHILE a push back inside above the TRENDLINE will signal a false break and continuation of the UPTREND with target @ 0.8150
By the end of last week, we had 2 Daily and a Weekly close below the BEARISH FLAG and most importantly below the TRENDLINE, going into the new week and the rest of the month, we will be looking out for retest of the TRENDLINE holding for more downside, i'll also be looking out for price action at the 61.8 retracement zone @ 0.7770 (of the impulse move from the resistance ray of the BEARISH FLAG to last week low). Rejection price action or candle (Daily PINBAR most preferably) in these zone will signal more downside with overall target @ 0.7400 support zone.
WHILE a push back inside above the TRENDLINE will signal a false break and continuation of the UPTREND with target @ 0.8150
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