FX.co ★ AUD/USD: 0.7066 crucial obstacle

AUD/USD New Downside Movement!

The AUD/USD pair turned to the downside and is trading at 0.7068 at the time of writing. You knew from my previous analysis that AUD/USD dropped below the uptrend line signaling that the upwards movement had ended and that we may have a new downward trend.

I've also said that dropping below 0.7084 former low activates a more profound drop. I've drawn a downtrend line that stands as a dynamic upside obstacle (resistance). So, as long as it stays below it, AUD/USD could resume its fall.

AUD/USD Trading Conclusion!

The 0.7066 former low stands as a downside obstacle. Dropping and stabilizing below it signals more declines and brings a selling opportunity.