The aussie is inside a bearish channel in H4 chart, the price broke the bigger trendline in daily chart and is now goign down towards the first green line (38.2% Fibonacci), look at the volumes: They are decreasing while the price is going up, it means that the pair is having a retracement and the trend direction is downward.
Keep in mind that the 38.2% represents the first target also in the daily chart, whereas in the weekly chart there was a bearish harami pattern around 4 weeks ago, and the rsi signalled a sell movement, so the bigger picyure target is around 0.7400 where the 100-day moving average is located.
Keep in mind that RBA is tryng to put weight on The australian dollar because the QUANTITATIVE easing has been extended to November 2021 recently.
Keep in mind that the 38.2% represents the first target also in the daily chart, whereas in the weekly chart there was a bearish harami pattern around 4 weeks ago, and the rsi signalled a sell movement, so the bigger picyure target is around 0.7400 where the 100-day moving average is located.
Keep in mind that RBA is tryng to put weight on The australian dollar because the QUANTITATIVE easing has been extended to November 2021 recently.