FX.co ★ Weekly AUDUSD analysis.

AUDUSD is now trading below 0.70. Trend remains bearish. Our target of 0.70 has been surpassed and price continues lower. Price now at key horizontal support level that if broken will push price even lower towards our next target of 0.66.

Price is clearly in a bearish trend making lower lows and lower highs. Any bounce is considered as a relief counter trend move. There is no sign of an upward reversal or the creation of a major low. Any bounce is considered selling opportunity. AUDUSD is expected to continue lower over the next few weeks.