After an impressive two-legged run, the AUDUSD is forming a daily bearish engulfing bar, and has already printed one on the 4hr charts which you can see above. The false break above the key level at 9627 and subsequent break back below suggests likely topping and profit taking. Also the negative news out of China overpowered the better than expected #s out of Australia. Thus, likely a combination of heavy profit taking, plus new sellers in early London/Europe coming into the market on the bearish Chinese news.
I'm suspecting short term the pair will remain bearish, so will look to sell any corrective pullbacks towards the resistance zone between 9675 and 9703
I'm suspecting short term the pair will remain bearish, so will look to sell any corrective pullbacks towards the resistance zone between 9675 and 9703