FX.co ★ AUD/USD new downtrend

AUD/USD Upwards Movement Seems Over!

The AUD/USD pair registered a strong drop in the short term and now is traded at 0.7193. Dropping below the uptrend line signaled that the upwards movement ended and that the pair could develop a downwards movement.

0.7185 today's low stands as a downside obstacle. After its massive drop, we cannot exclude a temporary growth to test and retest the broken uptrend line before resuming its downside movement.

AUD/USD Trading Conclusion!

As long as it stays under the downtrend line, AUD/USD could drop deeper, could approach and reach fresh new lows. Dropping and stabilizing below 0.7185 could activate more declines.