The AUD/USD has formed a bearish trend line and we can see how the price is reacting to each rally.
0.7000-15 is the POC zone where we can expect further rejections. It is also the ATR projected high so the confluence is strong. We can expect a bearish move towards 0.6980 retest. Break of 0.6980 suggest 0.6954 and 0.6937. Bulls don’t have to look for anything unless the price breaks and closes above W L3 pivot – 0.7047. Until then all is bears only. So far each rally has been sold into and that is what I have been talking about for a long time. The only safer counter trend opportunity for a long trade is either at ATR low – 0.6954 or W L5 pivot.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX