The price of AUDUSD has formed a lower high at key resistance on the weekly time frame. Will this see price trade lower?
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The price of AUDUSD is interesting as it looks to be continuing the downward trend which has formed on the weekly time frame. Looking at the monthly time frame first we can see that the price has been trading between the key highs of 0.8000 and lows of 0.6200.
Within this monthly trading range the price has been in a weekly downward trend since the market formed a lower high in September 2021. Most recently the price has re-tested the previous weekly lows and trendline resistance of 0.6750. Last week’s bearish close suggested the market could move back into a bearish phase. If this was to continue the price could head down to the weekly lows of 0.6200.
Moving down to the 4hr time frame we can see the price is making lower lows and lower highs which could offer sellers short trading opportunities down to the minor support which sits at 0.6500.
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