AUDUSD continues with a weekly downtrend in the upper time period and a daily downtrend in the lower time period. In its current position, the upper resistance has a 4 hour supply zone and the lower support has a daily demand zone. If it breaks above the 4-hour supply zone, there is a higher chance of getting out of the daily downtrend. A daily bullish pattern occurs because it rebounds in the daily demand zone, and it can be propagated as a weekly correction process or monthly correction process.
However, if the market fails to break through the 4-hour supply zone and pushes down again to renew a low, the daily bullish pattern will fail and the market will still have to find a new bottom for the upside as it is still trapped in the daily downtrend.
If AUDUSD breaks the daily downtrend and rises, set the target to reach the weekly supply zone or monthly supply zone.
However, if the market fails to break through the 4-hour supply zone and pushes down again to renew a low, the daily bullish pattern will fail and the market will still have to find a new bottom for the upside as it is still trapped in the daily downtrend.
If AUDUSD breaks the daily downtrend and rises, set the target to reach the weekly supply zone or monthly supply zone.