FX.co ★ AUD/USD Extend Its Decline!

AUD/USD seems ready to drop deeper after breaking down from a range pattern. The price has moved sideways lately escaping from the up channel's body signaling a downside movement.

I've drawn a downtrend line on the h4 chart, so the bias will be bearish as long as the pair stays under this dynamic resistance.

The price has tested and retested the 0.7660 broken support (former low) and not is expected to drop below 0.7600 lower low, psychological level.

Trading Conclusion!

You can Sell a drop below 0.7600 level with a downside target at 0.7500. AUD/USD should continue to trade south as long as it stays way below the downtrend line.