FX.co ★ AUDUSD reaches bearish target.

analysis yesterday, we noted the bearish pattern in AUDUSD and we warned traders that a break below the 0.7160-65 support would provide a new sell signal with 0.71 as the first target. Price soon after broke below support and reached our first target. Price continues making lower lows and lower highs. Trend remains bearish. As long as price is below the recent bounce high at 0.7140, bears will remain in full control of the trend and price could move as low as 0.7060 and 0.70 where we find the 50% and 61.8% Fibonacci retracement levels of the entire upward move from 0.6832 to 0.7285.