AUD/USD Is Bearish

Recently AUD/USD broke out below the support of the latest sideways consolidation it was stuck in above 0.7310 and continued moving to the downside. The pair finally reached the support at 0.7230 and has almost reached the last low at 0.7260. The question now is, obviously, whether the pair will be able to break out below those levels too. If it does then next target will likely be at 0.6826, which was reached over two years ago. If the pair bounces off from the aforementioned support though it could start retracing back toward 0.7300 or even towards 0.7400. A breakout above those levels could lead to a rally towards 0.7600.