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Broken Channel May Suggest Lower Levels On AUD/USD

Broken Channel May Suggest Lower Levels On AUD/USD

AUD/USD is turning down in the last few sessions, now breaking an important trendline from 0.7107, which is important indication for a bearish turn. As such, we assume that top can already be in place of wave 5) of C (circled), so we need to be aware of more weakness ahead, though we still want that push beneath 0.7481 with an impulsive manner. Also, notice that RSI is turning down from that pergence line, which is also a nice indication for a turning point.

AUD/USD, 4H

AUD/USD Chart

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