FX.co ★ AUD/USD: 0.6597 key downside obstacle

AUD/USD Downtrend!

The AUD/USD pair found demand after reaching 0.6597 and now it has increased a little. It's trading at 0.6628 at the time of writing. After its massive drop, it could try to come back to test and retest the downtrend line which represents an upside obstacle.

As long as it stays below the downtrend line, the price could approach and reach new lows. After reaching this obstacle, it could drop again at least until the former low of 0.6597.

AUD/USD Trading Conclusion!

Staying below the downtrend line and dropping under 0.6597 activates more declines. This is seen as a selling opportunity.