AUDUSD looks set to test new trend lows.

The AUDUSD has a bear flag developing which could target the .7050 level in the coming week(s). The pair is struggling to break the 38% Fibonacci retracement at the .7319 level and while below this (and the 50dma) the risk if for a move below the .7200 level. The measured move of the bear flag is .7050 which happens to be the LONG term 38% retracement of the post COVID-19 lockdown lows March 2020 to the highs of February 2021.

This setup was talked about in the “Week Ahead” video over the weekend located here.