Since the past few weeks the pair has not stopped its collapse, with the South African government opening up more economic sectors during the lockdown, we might still expect a continuation of the down trend for one more week.
We looking for a short move to the down side as a retracement and then look to buy the pair. alternatively, we can look for the market to break out of the resistance and wait for the retracement back to the area of resistance. buy in general, we looking for buying opportunities.
AUD/USD just hit old-time highs of which is also a weekly strong area of resistance. We might start looking for a double top (M) on the strong level or head and shoulder pattern to enter a trade.