Overview:
The AUD/USD pair continues to move downwards from the areas of 0.6819 and 0.6782. The pair dropped from the level of 0.6782 to 0.6723. Today, resistance is seen at the levels of 0.6819 and 0.6782. So, we expect the price to set below the strong resistance at the levels of 0.6819 and 0.6782; because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 0.6819 and 0.6782. In overall, we still prefer the bearish scenario as long as the price is below the level of 0.6782. However, if the pair fails to pass through the level of 0.6782, the market will indicate a bearish opportunity below the level of 0.6782. Thus, the market will decline further to 0.6782 in order to return to the the double bottom of 0.6723. Moreover, a breakout of that target will move the pair further downwards to 0.6687. We should see the pair falling towards the daily major support at 0.6655 to test it. It would also be wise to consider where to place stop loss; this should be set above the second resistance of 0.6878.
