AUDUSD is moving for a long time in bearish trend. Last few months are a perfect example of bearish channel (last two lows and highs). Currently there is quite dynamic rebound from lower band. It seems like it will be continued even to the upper band. We saw this range twice already so it wouldn’t be a surprise. We should look for an opportunity to open longs.
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Very interesting situation can show up on H4 time frame. Perhaps we will see reversal head and shoulders pattern. Opportunity to open long position can show up after breaking key resistance at 0.7050. Although this level was broke once already but price moved back and now is in this area again. We need more dynamic break connected with go higher than yesterday’s high. Then we can assume that demand is strong enough. Maybe there will be possibility of entering position during re-test of this level (after a small correction). The range of this patter is next to upper band of bearish channel.
