07.07.202215:57 Forex Analysis & Reviews: AUDUSD potential bounce imminent

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Green line -major support

Red line -short-term resistance

Black lines- Fibonacci retracements

AUDUSD remains clearly in a bearish trend but the RSI is telling us that the downtrend is weakening and if certain conditions are met, AUDUSD could start a bounce towards 0.71 and why not higher. AUDUSD is now challenging short-term resistance as shown by the red downward sloping trend line. Breaking above this trend line at 0.6860 we will get a short-term sign of strength implying that AUDUSD could reach the 61.8% Fibonacci retracement of the last leg down. This short-term target is at 0.71. The bullish RSI divergence in the near term if combined with a break above the red trend line, will give us the bullish signal we expect.

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