My concern about potential false breakdown warned by CCI came true yesterday as price had a significant bullish momentum, break above the trendline resistance (blue), topped at 134.00 and closed at 133.60, keep the bullish scenario intact. However, price now retreat to the downside struggling around the trendline resistance area. The bias is neutral in nearest term as I can see no clear direction for now. We need a consistent move above that trendline resistance to confirm bullish scenario towards 135.00 area. On the downside, the trendline support (red) should remains key support area. Another break below it should trigger another bearish pressure and could be a serious threat to the bullish outlook.
Finally we have a break below trendline support yesterday. Given that fact, I think the bias is bearish with technical target at least at 148.24 area, which is also a key support area at this phase. Break below that area should continue bearish pressure towards 146.40 area. Immediate resistance at 150.50 and trendline resistance area (blue, former support). Break above that area could trigger further bullish momentum and lead us into no trading zone as direction would become unclear for me and my technical study would be a mess.
The AUDUSD made indecisive movement yesterday. The bias is neutral in nearest term. On h4 chart below we can see that the pair attempted to push higher but rejected to move consistently above 0.9327 key resistance area before closed lower at 0.9285 indicating bearish correction remains intact with my minor trendline support (blue) as key support area at this phase. Break below that trendline should trigger further bearish momentum testing 0.9180 area. On the upside, 0.9327 area remains key resistance area as break above that area should trigger further bullish momentum.