Bearish week on the Aussie

On the weekly chart of the AUD/USD we can see that the pair is about to close the current week to the downside and it keeps its bearish trend. The pair has been falling from the peak at the 0.8091 level where we can find the 200 month EMA. Actually, on the monthly chart we can see the confirmation of a death cross pattern, which is indicating us that the pair may continue dropping. The AUD/USD breaks below the 0.7100 level and its next support could be the 0.7000 level. On the other hand, if the pair break above the bearish trendline, then it may retrace to the 55 week EMA around the 0.7496 level.

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Good stuff, thanks.

The pair has been bearish for months. It is currently retracing from 0.7040 but once the retracement ends it will likely continue moving to the downside.

Possible double top on the AUD/USD. The double top pattern is a bearish trend reversal pattern, which works better around an important resistance zone. On the daily chart of the AUD/USD we can see that the price has visited recently the 0.7300 zone twice and it has found a good resistance around that level. If the price bounces to the downside from the 0.7300 level, then it would be forming a double top formation. The confirmation line for the pattern is at the 55 day EMA, but we could use the 0.7200 level as the confirmation line. Below the 55 day EMA, its next support could be the 0.7100 level, followed by the low at the 0.7020 level. On the other hand, if the price breaks to the upside, then its next resistance could be the 200 day EMA around the 0.7356 level, followed by the 0.7400 level.