FX.co ★ AUD/USD deeper drop still on cards

AUD/USD Natural Growth

The AUD/USD pair registered a strong drop in the short term but the price action signaled exhausted sellers. That is why the price rebounded. It was traded at 0.6912 at the time of writing, below yesterday's high of 0.6944 . The downtrend line and the 0.6944 level represent upside obstacles.

On the other hand, the 0.6889 and 0.6875 levels represent downside obsatcles. AUD/USD is expected to pressure the upside and the downside obstacle before confirming a clear direction.

AUD/USD Forecast

Staying below the downtrend line and dropping below 0.6875 may activate more declines. This scenario could help the sellers catch a larger drop.