FX.co ★ AUD/USD Ready To Drop!

AUD/USD has dropped through the uptrend line, it has tried to retest it without success, so now is somehow expected to drop again. The 0.7000 psychological level is seen as critical support.

Dropping and stabilizing under this level suggests selling as AUD/USD will be expected to approach and reach new lows. The bullish bias remains intact as long the rate stays above the 0.7 area even if the price has dropped under the uptrend line.

AUD/USD could resume its upside movement if it jumps above the 0.7161 former high.

• AUD/USD TRADING CONCLUSION!

Dropping below the former lows and under the 0.7000 critical support brings a selling opportunity with a first downside target at the 0.6900 level.