The Weekly Chart of Aussie is gaining more signals for a possible Bearish Move.
Below are the reasons for the Bearish View.
1. Last week, Aussie was resisted by 2009 High.
2. A possible Dark Cloud Cover formed on past 2 weeks.
3. A possible Triple Top Chart Pattern forming.
Weekly Chart of AUDUSD
Zoom into Daily Chart, the bullish trendline is being shifted to a gentler slope, suggesting a possible loss of bullish momentum.
Adding on to the Bearish View, the recent Price Action seems to suggest a rejection of March High.
However, there is a possible bullish support at the trendline near 0.9190 region. This may cause Price to retrace up.
Daily Chart of AUDUSD
Thus, on the 4 hourly chart, it will be good for Price to retrace up to attract the Bears who missed the initial down swing.
4 Hourly Chart of AUDUSD
As from the 4 hourly chart above, the Bears will have to contend the monthly trendline (red) in order to break out of the current Bull rally.
