FX.co ★ Short-term bearish reversal in AUDUSD.

Red lines -bearish divergence

Blue lines- Fibonacci retracements

AUDUSD is showing short-term reversal signs. The upward move from 0.6684 is most probably complete and finished at 0.7049 recent high. The RSI has been diverging and making lower lows and not only lower highs. Price is now under pressure. AUDUSD has already retraced 38% of the entire upward movement. The 38% retracement level is the first short-term support. Breaking below this level will open the way for a move towards 0.6825 at least where we find the key 61.8% Fibonacci level. AUDUSD is expected to continue lower over the coming days.