From mid-April, the USD has been gaining against the AUD. The $AUDUSD bearish turn made price reach 0.68636, the lowest since the early days of trading in 2019. Before the bearish turn, the volatility of the $AUDUSD pair had been low, causing price to be in a range. Price is currently in consolidation after the downtrend, providing trading chances for the bulls.
The downward movement has made RSI reach an oversold position. The Ichimoku cloud still shows a bearish future. $AUDUSD might be gaining momentum for a bullish takeover after price broke out from the trendlines last week. As the $AUDUSD bulls are beginning to get into the market, efforts could make price return to the resistance level of 0.71769 from its current 0.69212. As we expect a major bullish trend, a reversal might occur after price touches the resistance level.
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