AUD/USD Is Very Strongly Bearish

AUD/USD has formed shooting start candlesticks below the resistance at 0.7730 – 0.7740 on all of the larger time-frames – namely the daily, weekly and even the monthly one. Under such circumstances it is unsurprising that the pair would start dropping as decisively as it has been in the past few days. The pair broke below the support at 0.7530, coincing with (MA)89 on the daily time-frame and it is currently testing the next level of support at 0.7500 – 0.7490, 0.7490 also being the previous low. A breakout below that level is very likely to lead to a further drop towards the next support level at 0.7400.