Aussie Selloff Ahead?
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.
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