- The market has been consolidating above a bullish trendline from mid-February to mid-March, the mid-term trend was then neutral.

- On the last trading session of last week (12th of April), bear traders took control of the market, leading prices to a bearish break-out of their trendline.
This break-out has even been confirmed shortly after with a pull-back on the trendline.
Both moving averages are in bearish configuration while the DMI indicator shows an increasing bearish pressure while the price action gets more and more directional.

- This is obviously seen as a bearish situation for AUDUSD.
Appetite for USD has been significantly increasing lately due to fading hopes of a dovish monetary switch in the US.
The market currently trades close to a very short-term support around 0.6417, but the 0.6395/0.6400 zone can be seen as a major target for prices.
The trend may even continue further towards 0.6335 and 0.6270, which would be a 100% correction of the bullish trend started last November.


Pierre Veyret, Technical Analyst at Activtrades


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