Recent Daily Price Action has seen the pair move down from .7650 to .6850. With price rejecting .7250 a possible trendline can be established.
The recent sell off may see a retest of the support zone of .6850.
The Kumo is flat , suggesting price will consolidate over the next few weeks.
1. Scenario 1 - is for the Aussie to consolidate within a descending P wave. If price is contained by the Kumo , then we could see the .6500 level tested.
2. Scenario 2 - a double bottom forms and price esacpes the Kumo.... in which case a retest of the .7600 level is possible.
The chart is depicting scenario 1.
The recent sell off may see a retest of the support zone of .6850.
The Kumo is flat , suggesting price will consolidate over the next few weeks.
1. Scenario 1 - is for the Aussie to consolidate within a descending P wave. If price is contained by the Kumo , then we could see the .6500 level tested.
2. Scenario 2 - a double bottom forms and price esacpes the Kumo.... in which case a retest of the .7600 level is possible.
The chart is depicting scenario 1.