If price breaks that trendline, it may continue to go up but since the overall trend of this pair is down, I am really not bullish on AUDUSD for the medium term. The downward channel patten formation has failed last week as you can see (and I was expecting price to bounce up from the lower channel trendline but it just crashed through it).
So watch what happens on the daily and 4hr charts to see if any bullish signals form on that support level and I think that should present a good risk:reward trade entry if that happens. This also is will take some time to form but you can see that price is heading up to a resistance level.
Notice that there is significant resistance level (circled) where price reacted to that level on a previous occasion and you can now see the price is heading up to it.
This is not going to form this week, this is something that can form this month or next but just be aware of this setup that is happening. I will wait and watch for a bearish reversal candlesticks and use that as my signal to go short.
Some may happen this week, whilst others may take a while to form and can happen sometime this month or even next month. You will note that price is heading up to a what I believe is a significant resistance level and the evidence for that is market in blue boxes.
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