AUDUSD Next Month Outlook - bullish reversal or ranging bearish

W1 price is located below 200 period SMA and below 100 period SMA for the primary bearish market condition with the secondary ranging between Fibo support level at 0.6907 and Fibo resistance level at 0.8164:

• "COT observations and a tweezer bottom candlestick pattern in AUD/USD on the weekly chart indicate reversal risk towards .7440."
• ".7440 could influence for a pullback but ‘decent’ resistance may not reside until .7532-.7625, the zone defined by the February and March lows."

If the price will break Fibo support level at 0.6907 so the bearish condition will be continuing.
If the price will break Fibo resistance level at 0.8164 from below to above so the primary bullish reversal will be started.
If not so the price will be ranging between the levels.

Trend:

• W1 - ranging bearish
• MN1 - bearish ranging