A few weeks ago when AUDUSD made a high around 0.7663 and ended the week near its lows around 0.7460 we warned traders that the price action was bearish and a move lower should be expected.
Blue lines -Fibonacci extension targets
Following the bearish hammer candlestick pattern at the beginning of April, we are onto the the third week of April and price already has lost more than 200 pips. Price is trading around 0.7270 and it remains vulnerable to a move lower towards the horizontal support around 0.70. It is too early to tell if this support will be broken, but if it does get broken, our first target would be the 100% extension around 0.66-0.67. Until then trend remains bearish with 0.70 as the potential target.
