FX.co ★ AUD/USD: downside continuation activated

AUD/USD 0.6496 Obstacle Ignored!

The AUD/USD pair extended its downside movement and now is trading at 0.6469. The rate failed to retest the downtrend line in the last attempt indicating strong sellers and a potential downside continuation.

Now, it has dropped below the 0.6496 former low which represented a downside obstacle. As long as it stays below the downtrend line, the currency pair

AUD/USD Trading Conclusion!

The breakdown below 0.6496 former low was seen as a new selling opportunity. The channel's downside line represents the next major target.