AUDUSD has reached the light HFT selling pressure zone today, noted at 0.6881 and above. The bullish attempt was strongly rejected at this area which additionally coincides with the upper end of a rising channel around the 0.6885 price zone, as shown on the chart below. The pair is now falling - exiting the light HFT selling pressure zone.
Furthermore, AUDUSD has reached overbought levels on the hourly timeframe, as indicated by our advanced overbought/oversold indicator. Overbought levels often lead to corrections and even full bearish reversals.
And, the move may have already started to unfold as we can also see that the FxTR improved CCI indicator has now turned bearish. If the bearish move continues, then traders will target the lower bound of the channel we mentioned earlier, around the 0.6860 level today. Below it, the light HFT buying pressure zone, noted at 0.6845 and below will be the next bearish area to target.
AUDUSD Current Trading Positions
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