AUDUSD is trading at 0.7416 making lower lows relative to last week. As we explained in our previous post on AUDUSD, the bearish candlestick formation pointed to the start of a new downward move. If this weeks ends on a negative note for AUDUSD, we should expect the selling pressures to continue.
Green line -support trend line
AUDUSD got rejected at the 61.8% Fibonacci retracement. Price is pulling back and is vulnerable to a move towards the green support trend line. This support is found at 0.7350. There are increased chances that price will move towards that level. Bulls must defend this trend line. Failure for bulls to hold price above the trend line could lead AUDUSD towards 0.7150 at least.
