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.

AUD/USD Is Falling

AUD/USD has been retracing to the upside ever since it found support at 0.7310 and that retracement is likely not over yet, but the pair has also found some resistance at 0.7485. The pair formed a clear spinning top candlestick at that level on the four-hour time-frame and bounced off from it. It is currently still moving to the downside and it will probably break out below 0.7460 to continue falling towards the closest target, which is at 0.7415 and coincides with the (MA)89 indicator on the four-hour time-frame. A breakout below that level could lead to a further move to the downside towards 0.7365.

AUD/USD May Continue Falling

AUD/USD slowly and choppily moved to the upside until it finally reached the resistance at 0.7675 which coincides with the (MA)89 indicator on the weekly time-frame, then formed a clear shooting star candlestick below that level and continued moving to the downside. Currently the pair is about to test the last low at 0.7565 and considering the aforementioned candlestick and how bearish it is there will likely be a breakout below that support. If or when it breaks out below that level next target should first be at 0.7500. A breakout below 0.7500 could lead to a further move to the downside towards 0.7425 which was the previous low.