The Aussie was heavily and negatively impacted by the Coronavirus outbreak which has sent the price tumbling for the entire January. The RBA has been cutting interest rate in order to revive its economic growth since late 2011, from above 4% to only 0.75%.
While the dollar was still recovering and climbing, Aussie might prove to be stronger as employment data outperformed. It helped boost the already bullish structure of AUDUSD which had previously broken above both major falling channel and 200MA.
AUDUSD recently broke out of a 21-month falling channel and has been undergoing retracement for 3 weeks. Price has currently formed a harmonic pattern into demand zone at fibo level .886.
AUDUSD found support after a major retracement at 0.68495, however, the bullish trend was not strong enough to break resistance at supply zone.
AUDUSD has previously broken it's rising trendline, finally finding support at 0.69491 before starting first wave of uptrend.
AUDUSD has completed retracement and pulled back to previous demand zone from broken falling channel. Price has retested at this key level and has found support.
AUDUSD been undergoing retracement after breaking key level 0.7000. Currently, the price is about to reach a demand zone from previously broken trendline.
AUDUSD has continued its uptrend and broke key price level 0.7000, then retracing back to previous demand zone.
AUDUSD has started a reversal and is going strong. After price broke above the falling channel and found support, it has now broken key supply zone.
After AUDUSD broke above a 12 month falling trendline, it has found support at demand zone from a previously broken trendline. Expecting price to continue rising till key resistance level, which is also a 61.8% fib level.