AUDUSD Bearish Short-term In Weekly Chart
AUDUSD Weekly Chart
Elliottwave analysis
Price structure in Elliottwave, the early rise of 2020 from the level of 0.55086 to 0.80072 is a wave with steep degrees and can be divided into five impulse waves, with wave (I) being an extended wave. from the longest Next, the pair fell from the peak (0.80072) with a double corrective complex, likely ending at the level of 0.61702, thanks to which the pair recovered well and even broke through the parallel channel. The view from here may be the start of a new uptrend. But even so, there is still a significant resistance waiting at the level of 0.69 - 0.70. If this is not overcome, the AUDUSD is likely to correct again.
technical analysis Overall, the price remained below the MA200 and MA 50 lines, indicating a clear downward trend. But even then, there is a good sign of recovery as the price rises with a steeper degree. MACD crosses the Signal Line. Downward momentum tends to decelerate. and may turn into an uptrend However, to fully confirm the uptrend, we will have to wait for another trade above the MA200 line.
