AUDUSD Weekly:
• Price once again found support at 0.7029 & double bottomed.
• Area is a strong level as hammer & bullish engulfing candle were formed at this level.
• Price broke through 0.7150 monthly with a clean bearish marubozu candle signalling more bearish move to come.
• Moving averages still bearish.
AUDUSD Daily:
• After break of 0.7150 monthly price plummeted and broke through several supports and finally holding at 0.7029 creating a huge bearish leg.
• Do expect price to now pull back to monthly resistance 0.7150 however we need to be cautious of 0.7100 4hr resistance and use it as a first target.
• Moving averages bearish.
AUDUSD 4hr:
• Looking for price to reject off 0.7029 support before rallying up to 0.7100 + 0.62 Fibonacci level.
• If 0.7100 is broken, then we look for another entry long (buy) to 0.7150 + 0.71 Fibonacci level + 3rd touch of descending trendline.