AUDUSD: Bearish Reversal Incoming

AUDUSD has turned down this week, through the support line from 0.7107 which is important indication for a bearish turn. As such, we assume that top can already be in place of wave red wave 5), so we need to be aware of more weakness ahead, but we still want that push beneath 0.7478 of a red wave 4) to make sure that we are on the right side. Also, notice that RSI has turned down from that divergence line which is nice indication for a bearish price action ahead. That said, that broken trendline can now turn into a resistance near 0.7660.

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