The AUDUSD pair remains firmly in a downtrend that began in late September to early October, during which the AUD has lost approximately 600 pips. This decline is expected to continue over the coming days and weeks. Multiple Death Cross patterns, a traditional bearish signal, reinforce the likelihood of further downside, supporting the expectation of a prolonged bearish trend.
However, there have been occasional upward pullbacks, requiring caution from sellers when setting stop-loss (SL) orders. A potential support zone appears to be forming near the current price, while the Relative Strength Index (RSI) is rising from oversold levels. This indicates some buying interest, as traders may find the lower price attractive, leading to an increase in buy orders.
For optimal risk-reward, we are waiting for a retest of the 0.6390 level before placing a sell order. This area aligns with the 23% Fibonacci retracement, offering a more strategic entry point for short positions.
Profit & Loss
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