AUDUSD Medium-term sell signal

21 Jun

The AUDUSD pair has been trading sideways since the May 16 High, supported by the 1D MA50 (blue trend-line). The dominant pattern has been a Triangle going back to the October 13 2022 market bottom and the current consolidation is taking place right at the top (Lower Highs trend-line) of the pattern.

As you can see, this is quite similar to the Q2-Q3 2023 price action, which after the Triangle top rejection, it declined below the 1.236 Fibonacci extension. Even the 1D RSI sequences between the two fractals look similar. As a result, we turn bearish on this pair, targeting 0.63450 (Fib 1.236 ext).

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