Trend is bearish in daily time frame of AUD/USD currency pair. Important resistance is present at 0.7380 price level. Since last week, price is falling down and based on Elliott wave analysis market is now going to drop towards 0.6800 price level in daily time frame. So, as long as the price stays below 0.7380 resistance area, we may consider sell trades. However; a bullish break out in price action above 0.7380 resistance level is going to in-validate bearish market outlook and in such case I will stay out of the market and reanalyze the price action of AUD/USD currency pair.
One thought on “AUD/USD – Down trend in daily chart”
still waiting to see if Aussie is going to break the daily rising support trend line, to validate for me the break of the rising channel