AUD-USD: With a shooting star candle, a top reversal signal, formed and a follow through lower seen, there is risk of further declines in the days ahead.
In such a case, the 0.9735 mark will be targeted where a violation will call for a run at the 0.9584 mark.
A breach there will lead the way for a move further lower towards the 0.9500 mark.
Its daily RSI is Bearish, pointing lower and supporting this POV.
The alternative scenario will be for AUD-USD to return above the 1.0001 mark where a violation will call for a run at the 1.0050 mark, a break there calls for a run at the 1.0143.
Further out, resistance is at the 1.0216 mark. All in all, the AUD-USD pair remains biased to the Southside having ended its corrective recovery IMO.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.