FX.co ★ AUD/USD downside continuation in cards

AUD/USD Imminent Breakdown!

The AUD/USD pair dropped significantly today and now is trading at 0.7114 right above the 0.7108 former low which represents a static downside obsatcle. Failing to come back to reach and retest the downtrend line signaled strong sellers and a potential downside continuation.

As you already know from my previous analysis, AUD/USD could print a larger downside movement if it drops below 0.7108.

AUD/USD Trading Conclusion!

Dropping below 0.7108 and under 0.7100 psychological level could entail more declines.