In the midst of volatility and participation in the market which is starting to decline ahead of the upcoming Christmas and New Year holidays, AUD/USD seems to be showing a weakening of the rally it is currently undergoing on the daily chart where this can be seen from the appearance of:
1. Ascending Broadening Wedge Pattern.
2. The Appearance of Rising Wedge Pattern,
3. Deviations occur between price movements and the CCI indicator.
4. Price movements that move below the 200-period Moving Average serve as a pretty good dynamic resistance.
Based on the four facts above then AUD/USD in the next few days has the potential to depreciate where the 0.6586 level will be the main level to be tested. If this level is successfully broken, the 0.6171 level will be the next target to be tested, but all of this will become invalid if it is on its way to these levels. suddenly AUD/USD resumed strengthening above the 0.6894 level.
(Disclaimer)