FX.co ★ Weekly bearish candlestick formation in AUDUSD.

AUDUSD is ending the week close to its weekly lows. Price is at 0.7459 with a weekly high of 0.7663 and a low at 0.7429. The long upper tail (shadow) in the weekly candlestick pattern is a bearish sign. Price also retraced 61.8% of the entire decline and got rejected at key Fibonacci resistance.

Green lines- expected path if price remains below 0.7663

AUDUSD has most probably formed an important high at 0.7663. I expect price to continue lower towards 0.67. As long as price is below this week's high I expect AUDUSD to continue lower at least towards 0.70. If the week following such a bearish candlestick pattern is negative, then the chances for our bearish scenario towards 0.70 and 0.66 will increase.