FX.co ★ AUD/USD: downside continuation

AUD/USD Strong Sellers!

AUD/USD registered a strong drop in the short term and now it is trading at 0.6711 at the time of writing. The price stands above the 0.6697 former low which represents a downside obstacle. Technically, the downtrend line represents an upside obstacle. As long as it stays below it, the rate could drop deeper.

Failing to reach and retest the downtrend line signaled exhausted buyers and strong sellers. Temporary rebounds or sideways movement could bring new selling opportunities.

AUD/USD Trading Conclusion!

Dropping and stabilizing below 0.6697 activates further drop at least towards the 0.6642 historical level (former low).