#AUDUSD: Following the Price Action | #forex

Let me try to explain what do I mean by saying that my main indicator is the price.

• The AUDUSD continues the journey within the main bearish channel.
  
• The Structure of lower highs and lower lows remain intact, and continues to evolve.
  
• The price resumed the bearish trend after completing a pullback towards the resistance of the channel just below the 50-days SMA, where it formed a bearish engulfing candlestick pattern.
  
• The pair continued to move lower to break 0.7740 horizontal support
  
• The next potential support level and target at 0.7625(The Dragonfly doji low)
  
• A break below 0.7625 confirm more downside and a potential target at 1.618 extension(0.7448)
  
• The channel resistance should remain intact for this scenario to remain valid
  

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