Is the Bear Going to Make Another Breakout?
AUDUSD had another bearish week. The H4 chart shows that the price had a bounce at 0.61800 and made a bullish correction. It found its resistance around 0.63450 and made a strong bearish move. However, the pair closed its trading week above 0.61800. The sellers may wait for the price to make a bearish breakout again at that level to go short in the pair. The price may find its next support around 0.60000.
On the other hand, if the level of support produces a bullish reversal pattern, the buyers may push the price towards the North. The level of 0.63450 may work as a level of resistance again in that case.
Considering two charts, it seems that the Bear has more space to travel. Moreover, the pair has been bearish in major time frames as well. Thus, the Bear may win the battle here and end up making another breakout to continue its move towards the downside.
On the other hand, if the level of support produces a bullish reversal pattern, the buyers may push the price towards the North. The level of 0.63450 may work as a level of resistance again in that case.
Considering two charts, it seems that the Bear has more space to travel. Moreover, the pair has been bearish in major time frames as well. Thus, the Bear may win the battle here and end up making another breakout to continue its move towards the downside.
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