According to the research on seasonality of the pair, during the 6th week of the year, AUDUSD is inclined to decline.
The current week is right coming under the number 6.
However, since the beginning of the week of 31 January, the pair has risen from the lower boundary of the range of 0.7 close to the upper boundary of 0.718 but it has formed a reversal pattern of a shooting star: a pattern which is a reverse for a “hammer” formation.
Now, the Relative Strength Index has reversed down in the zone of uncertainty suggesting a certain decline of the pair.
We should know tomorrow by the end of trading if the pair declines below the support of 0.7 by the end of the week proving its seasonal regularities.
The tomorrow’s publication on Nonfarm Payrolls data could help the shooting star as it usually rises volatility of pairs with the US dollar.