AUD/USD has been in a quite important zone for several weeks, i.e. under resistance in the region of 0.70.

Sellers appeared several times in this place last year. For three weeks, buyers also have a problem here with the continuation of the dynamic rebound that has appeared since March low. This can be seen in the shape of the last three candles, where high, upper shadows appear. The weakening of the USD seen since yesterday again drives the AUD/USD upwards, so we are directly entering the upper shadow zone. Until buyers are able to definitely lead to a strong rise from all current consolidation upwards, the baseline scenario assumes that oscillating the market at current levels should encourage looking for opportunities to take short positions. The downward move would certainly be helped by another wave of deterioration in investment sentiment, on the one hand shifting money to the US dollar, and on the other weakening the variable commodity sector (which in turn would weaken AUD).

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