AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
AUD/USD: main trend still bearish
2019-11-11 • Updated
The main trend is still bearish. It seems like there's a bullish 'Head and Shoulders' pattern, which has been confirmed. Thus, it's likely to have an upward price movement towards the previously tested resistance at 0.7115 (near the 89 Moving Average). The subsequent pullback from these levels could lead to another decline in the direction of the nearest important support at 0.7042 - 0.7009.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances