FX.co ★ AUD/USD Downside Outlook Intact!

AUD/USD dropped aggressively today after failing to stabilize above the downtrend line. So, the outlook is bearish, it could drop further as long as it stays under the downtrend line. The next major downside target is seen at the 0.7303 lower low.

Technically, it's trapped within a down-channel pattern. Dropping below 0.7305 low signals a deeper decline. Only jumping and stabilizing above the downtrend line may announce an upside reversal.

Trading Conclusion!

We could have a buying opportunity only if the rate stays above 0.7305 and if it jumps above the downtrend line and above 0.7403 former high.

Dropping below the former low may activate a downside continuation.