- AUD/USD's daily chart shows a bearish reversal candlestick pattern.
- Indicators also favour a deeper decline in the currency pair.
AUDUSD fell 0.88% on Wednesday, but traded well within the preceding day's trading range, forming a popular price-negative candlestick pattern called "bearish inside day".
The candlestick pattern has appeared near market tops or after a significant rally from 0.55 to 0.70 and suggests bearish reversal. The downside break of the three-month ascending trendline confirmed last week and the rising wedge breakdown observed on the 14-day relative strength index also indicates that the tide has turned in favour of the bears.
The pair, therefore, risks falling to the 200-day simple moving average (SMA), currently at 0.6663. A violation there would shift the focus to the 100-day SMA at 0.65. On the higher side, key resistances are located at 0.6975 (Tuesday's high) and 0.7064 (June 10 high).
At press time, the pair is trading largely unchanged on the day 0.6855.
Daily chart
Trend: Bearish
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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