AUDUSD Chart Technical Outlook Sellers return under the 0.6714 swing high
Although initial buying pressure was posted yesterday, sellers returned under the previous swing high of 0.6714.
We are now moving lower within the BC leg of a Bat formation. This will be completed at 0.6493. Intraday resistance is located at 0.6687. This pattern will be negated on a move through 0.6714.
Conclusion: I can see no clear indication of a change in the bearish trend. On a move through the previous swing low or 0.6576, I look for the sell-off to accelerate and complete the Bat formation at 0.6493.
Resistance: 0.6687 (bespoke), 0. 6704 (yesterday’s peak), 0.6714 (swing high)
Support: 0.6576 (swing low), 0.6493 (Bat), 0.6465 (April 30 base)
