AUD/USD closed at 0.7079 on Friday, validating the bearish view put forward by the long upper shadow attached the preceding day’s doji candle.
The bearish reversal indicates the bounce from lows near 0.70 has likely made a temporary high at 0.7168 (Thu’s high) and the immediate support at 0.7041 (Mar. 14 low) could soon come into play.
The immediate bearish case would weaken if the spot finds acceptance above 0.7090 (the low of Thursday’s doji candle).
Daily chart
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Trend: Bearish
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