AUD/USD dominated by force of bears near a monthly pivot level

The aussie has encountered strong resistance near 0.8991 level and next week, is likely to continue falling in this pair.

The AUD/USD is forming a higher low pattern above support level of 0.8929. If the pair manages to break that level, would be expected to fall to the level of 0.8895. We should note that this pair found resistance near a monthly pivot level, which could slow future increases this pair in the medium term, so we must be careful when placing buy orders. However, if this pair manages to break the resistance level of 0.8971, it is expected to rise to the level of 0.8991.

The MACD indicator is still in positive territory.

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