AUDUSD 0.7127 – bearish – Minor double top suggests scope for lower
AUDSD reached .7274/.7279 (17/18 September highs) where the tough resistance cluster managed to cap the pair. Subsequent decline below .7137 (September 17, 2015 low) completed a minor double top at the form highs, signaling the breakout above the 3-month falling channel is fake and the broad downtrend is resuming. Further bearish momentum opens .7084/.7034 (September 14/11, 2015 lows) ahead of the .6945 higher low (September 10, 2015). .7197 (September 21, 2015 high) should cap bounces.
Outlook:
Intraday: bearish bullish
Daily: bearish
Weekly: bearish
AUDSD reached .7274/.7279 (17/18 September highs) where the tough resistance cluster managed to cap the pair. Subsequent decline below .7137 (September 17, 2015 low) completed a minor double top at the form highs, signaling the breakout above the 3-month falling channel is fake and the broad downtrend is resuming. Further bearish momentum opens .7084/.7034 (September 14/11, 2015 lows) ahead of the .6945 higher low (September 10, 2015). .7197 (September 21, 2015 high) should cap bounces.
Outlook:
Intraday: bearish bullish
Daily: bearish
Weekly: bearish
