[m.youssif]

AUDUSD Forecast
The AUDUSD was corrected lower yesterday on a broad US Dollar strength, bottomed at 1.0121 and hit 1.0084 earlier today in Asian session. On daily chart below we can see price unable to make a consistent move above the trend line resistance (white) indicates a limited bullish pressure so far with potential downside correction testing 1.0050 and the lower line of the rising wedge formation. A clear break below the rising wedge formation would trigger further bearish pullback testing 0.9942 key support area which would even open the door for a bigger downside correction scenario. Immediate resistance at 1.0150. A clear break above that area would change the intraday bias to bullish retesting the all time high 1.0256. Although the major bullish outlook remains strong, note that all time high level could be a very strong resistance and the bearish correction/reversal warning showed by the rising wedge formation can not be ignored.

[m.youssif]

AUDUSD Forecast
The AUDUSD was corrected lower yesterday on a broad US Dollar strength, bottomed at 1.0121 and hit 1.0084 earlier today in Asian session. On daily chart below we can see price unable to make a consistent move above the trend line resistance (white) indicates a limited bullish pressure so far with potential downside correction testing 1.0050 and the lower line of the rising wedge formation. A clear break below the rising wedge formation would trigger further bearish pullback testing 0.9942 key support area which would even open the door for a bigger downside correction scenario. Immediate resistance at 1.0150. A clear break above that area would change the intraday bias to bullish retesting the all time high 1.0256. Although the major bullish outlook remains strong, note that all time high level could be a very strong resistance and the bearish correction/reversal warning showed by the rising wedge formation can not be ignored.