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The rally in the USD is accelerating, as dollar strength broadens to even the most resilient currencies.
Now even the Aussie Dollar compared to USD is loosing its grip.
AUDUSD is undercutting the lower bound of its current range and is making fresh almost 2-year lows.
This bearish breakdown signal together with the just fired weekly MACD sell signal means the path of least resistance is now lower:
AUDUSD Forex pair is in the process of completing a MAJOR Top as it loses the orange-dotted critical support level around the 0.6990. The pair has tested this border numerous times during the past 16 months. The now likely seen decisive breakdown below those former lows carries a bearish outlook which is somehow confirmed by the stronger looking MACD sell signal on weekly basis as it predicts some more weeks of weakness.
As long as the AUDUSD is below that area of former support, you should like to short it with a MAJOR longer-termdownside target around 0.60, what would be a serious backtest of the 2020 covid lows.
The obvious shortterm downtarget magnet is the classic backtest of the dark-green dotted 0.6677 support horizontal which likely will radiate nearest yearly support energy.
However, this perhaps best performing weekly GUNNER24 Down Setup suggests that AUDUSD could well trade below the 0.6670 in the current downtrend cycle. But this option depends on the further selling pressure of the current downtrend, IMHO.
I will use a weekly 5-Fib number Candle out of # 1 // 2020 Low for analysis and short-term downtrend forecast. Important extremes at former natural mathematical bull market uptargets are highlighted with the dark-green support- and red resistance-ovals:
Only the 2022 High FINALLY worked off the prior activated natural upside target of the lower line of 3rd double arc. There around price also found the orange-dotted ITL (important time line). Therefore, we recognize the 2022 Top found stronger, because combined price/time magnet and created a combined price/time sell-short signal, which was massively confirmed by the quite surprising negative development of the last few weeks!
At the high from 3 week candles ago, we recognize a super-accurate = perfect negative backtest of the 1*1 Gann Angle from below. At this backtest, probably the most important former yearly support, but also the very important rising yearly overall bull market support out of the # 1 // 2020 Low was backtested in a bearish manner.
I think, this COMBINED price/time magnet which automatically formed a fierce main resistance waypoint is the main reason why the current downcycle behaves so extraordinarily strong and violent, hardly giving the bulls a chance to recover.
==> Because the most important main support of the entire bull market was finally broken to the downside some weeks ago the next lower important Gann Angle out of 2020 Bear Extreme should be reached in (down-) trend direction and in foreseeable future. According to the important Gann Angle`s trading rule, discovered and researched by the Grandmaster himself.
==> 1*1 Gann Angle likely broke finally some weeks ago, by this next uber-negative price/time sell signal the 1*2 Gann Angle became activated bear market downtarget for AUDUSD. This 1*2 Gann Angle is very important natural bear market downtarget and is another rising main support on yearly base directly out of the # 1 // 2020 Bear Market Low = lowest price of the 2020-2029 DECADE so far.
If we observe the future course of the 1*2 Downtarget Main SupportAngle and put it in relation to the angle of descent of the current weekly downcycle, this important yearly support magnet could be reached and finally worked off at a 0.66 to maybe 0.665 rather than at the 0.6677.
==> Therefore the most likely biggest downside target of the running weekly downtrend cycle should be the 0.665 or so!
After some really powerful sell signals, the AUDUSD downtrend is strong and thus painful for the bulls, so we are unlikely to see stronger recoveries in the next 1-3 weeks that could confuse the bears.
Therefore, I think that over the next 3 to 7 trading days a sell-short entry around the 0.7030 should provide a fairly safe sell-short opportunity!
Be prepared!
Eduard Altmann
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