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AUD/USD: main trend still bearish

AUD/USD: main trend still bearish

Information is not investment advice

The main trend is still bearish. It seems like there's a bullish 'Head and Shoulders' pattern, which has been confirmed. Thus, it's likely to have an upward price movement towards the previously tested resistance at 0.7115 (near the 89 Moving Average). The subsequent pullback from these levels could lead to another decline in the direction of the nearest important support at 0.7042 - 0.7009.

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AUD/USD looks weak

AUD/USD broke through the most important daily moving averages, slipped below the support at 0.6830.

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