My technical study was a mess yesterday. Price failed to continue its bullish momentum, bottomed at 132.36 and closed at 132.49. The bias is bearish in nearest term testing 131.75 but as long as the pair stay above 131.75, the major bullish scenario should remains intact. I prefer to stand aside for now and watch any reaction around 131.75 area before make any decisions today. Immediate resistance at 133.00 area. Break above that area should trigger further bullish momentum testing 133.50 area. CCI just cross the -100 line down on h4 chart suggesting potential downside pressure.
CCI gave us a valid bearish correction yesterday as price bottomed at 146.61 and closed at 147.01. The bias is neutral in nearest term but bullish scenario is still intact and I still prefer a bullish scenario. I think I will stand aside for now and wait for further development. Immediate resistance at 147.60 area. Break above that area should be seen as the end of bearish correction and continue bullish re-testing 149.15 area. Initial support at 145.40. Break below that area should be seen as serious threat to the bullish outlook.
The AUDUSD made indecisive movement yesterday, formed a Doji on daily chart. Price attempted to push lower, bottomed at 0.9051 but closed higher at 0.9145. As you can see on my h4 chart below, price still move below my trendline resistance (blue) area indicating bearish scenario remains intact. The bias is neutral in nearest term. Immediate support at 0.9090. Break below that area should trigger further bearish momentum testing 0.9030. Initial resistance at 0.9180. Break above that area should trigger further bullish momentum testing the trendline resistance and become potential threat to the bearish outlook.