With the current pressure of a strong downward trendline, AUD/USD entered the 5th downside cycle with a confirmation of the high test bar on 2 Nov. If today following with a bearish candlestick, we will probably see a hidden MACD divergence as well. The price could possibly retrace back to the double bottoms level at 0.716 (also ~Fib Ret 38.2%) or even further to the level of the overlap of Kijun-sen & Tenkan-sen at 0.7139 (also ~Fib Ret 50%).
Please note there was no price actions broke through the red cloud in the last six months.
Please note there was no price actions broke through the red cloud in the last six months.
