AUD/USD Is About to Form a Double Bottom

It all depends on how today’s candlestick will close on the daily time frame and there are a few more hours until that happens. I think that there is a pretty big chance it will close as a double bottom indeed.

What is more, if we examine the RSI indicator we can see even without drawing any trendlines that there is a divergence between the two candlesticks that could form the potential double bottom.

That will be a very telling signal that the pair could change directions and we could see a move to the upside at least until it reaches 0.7250, which is a strong resistance level on the daily time frame. If the pair breaks above that level I think it will continue rising towards the next resistance at 0.7370.