AUDUSD@ 0.6906 - daily bearish – Posts new lows below last September low
AUDUSD broke down through the 3-month consolidation rising trendline (from September 4, 2015 low) to post new lows below .6907 (September 4, 2015 low). The indicators remain oversold, warning of potential consolidation. While the .7049 resistance area (January 13, 2016 range high) caps bounces, there is scope for further downside towards .6773 (1st support). Below there would expose the .6341 support near the 76.4% retracement (.4776/1.1079, April 2001 trough/July 2011 peak) and .6249 (February 2, 2009 monthly higher low).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: bearish
AUDUSD broke down through the 3-month consolidation rising trendline (from September 4, 2015 low) to post new lows below .6907 (September 4, 2015 low). The indicators remain oversold, warning of potential consolidation. While the .7049 resistance area (January 13, 2016 range high) caps bounces, there is scope for further downside towards .6773 (1st support). Below there would expose the .6341 support near the 76.4% retracement (.4776/1.1079, April 2001 trough/July 2011 peak) and .6249 (February 2, 2009 monthly higher low).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: bearish
