AUDUSD: Long black candlestick warns of further debasement
AUDUSD has showed signs of weakness last week after failing to breach through the former resistance of 0.8160 as seen on the provided weekly chart.
The candlestick traced last week was long enough to stop the bullish impetus seen during the previous period, while prices couldn’t clear the value of McGinley 20 indicator.
Additionally, the median line of the Pitchfork channel has been cleared, opening the door towards the lower line of the channel.
RSI14 has been resisted in the momentum resistance line at the value of 50.00.
Ultimately, adding the historical volatility indicator suggests potential bearish resumption over upcoming sessions.
All in all, the AUDUSD pair is biased to the downside after failing to maintain levels above 0.8160; whilst the door is opened to re-test the medium-term around 0.7535.