FX.co ★ Technical analysis of AUD/USD for June 16, 2016

AUD/USD rejected both the 50% and then the 38.2% Fibonacci resistance levels signaling on a downtrend continuation. Pair managed to stay below the 50 Moving Average, which could be an additional confirmation of an upcoming wave down.

Consider selling AUD/USD at the current rate (0.7360) targeting the nearest support at 0.7200 that was previously formed. The stop loss should be just above the R1 (0.7410)

Support: 0.7200, 0.714

Resistance: 0.7410, 0.7490