Conclusion for today’s AUD USD analysis: The AUD USD is expected to resume its current downtrend with 0.68264 as the minimum target.
The intraday timeframe of the AUD USD is investigated in this analysis from the January 02, 2019 price low of 0.67445 to current date. The chart pattern used to describe price action for the duration is a head and shoulders top pattern.
The implication of the pattern is ideally bearish, with a close below 0.70586 on March 06, 2019 providing confirmation. The neckline also marks the previous price level and/or region of previous support for the AUDUSD that is currently turning into resistance (as shown by the ellipse), hence change in polarity.
The minimum target for the AUD USD which is ~0.68264 is derived by projecting the distance from the head to the neckline below the neckline as shown by the vertical arrows.
Lastly, the current bearish price channel (tentative) in the AUD USD is also highlighted. The lower boundary of the channel could offer support for price action, but is ultimately expected to give way along the path of the AUDUSD down to its minimum target.
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