Let's breakdown the technicals of AUDUSD:
Monthly
On the monthly timeframe we see a buy pattern break of structure and retest with a new structure forming.
Weekly
From the break of structure on the weekly, market pushed to a 78.6% retracement and has been forming HH's and HL's since the retest and has formed a rising wedge pattern. The rising wedge pattern is where we have our first indication of the market currently belonging to sellers. A continuation of this pattern will likely lead to that 78.6% zone being retested.
Daily
On the daily structure we drew out our trend lines, identified LH's. Each LH has consistently retraced to the 61.8% zone.
Expectation: Market will eventually buy once that 78.6% is retested. Before that, market will form another 61.8% retracement on the lower timeframe. This retracement zone gives us confluences in a demand zone and along the diagonal resistance zone.
Observation: Market has formed a lower low in the bottom zone, however I don't feel as though that touch was concrete enough to confirm the buy trend.
Monthly
On the monthly timeframe we see a buy pattern break of structure and retest with a new structure forming.
Weekly
From the break of structure on the weekly, market pushed to a 78.6% retracement and has been forming HH's and HL's since the retest and has formed a rising wedge pattern. The rising wedge pattern is where we have our first indication of the market currently belonging to sellers. A continuation of this pattern will likely lead to that 78.6% zone being retested.
Daily
On the daily structure we drew out our trend lines, identified LH's. Each LH has consistently retraced to the 61.8% zone.
Expectation: Market will eventually buy once that 78.6% is retested. Before that, market will form another 61.8% retracement on the lower timeframe. This retracement zone gives us confluences in a demand zone and along the diagonal resistance zone.
Observation: Market has formed a lower low in the bottom zone, however I don't feel as though that touch was concrete enough to confirm the buy trend.