The AUD / USD pair approaches 1.0322 (W_S2) and 1.0310, which appears a primary uptrend line, peaceable on daily chart, and whose breakdown could accelerate a decline of the Australian currency. From a fundamental point of view the Finance Minister of Australia announced budget cuts, a direct result of that China will not buy goods in the country at the rate it did last year.
Considering the technical aspect, the Australian dollar is next to a very significant support 1.0322 which if broken can fall quickly to 1.0170, and even a little further down to 1.0022.
We therefore recommend selling only at the close of 4 hours candles below 1.0320 and with the short-term objective at 1.0179.
If there is a pull-back to the weekly pivot, we recommend selling at 1.0470.
The MACD indicator is showing bearish signal and a deeper fall, moreover, the indicator Momentum is oversold and showing a possible rebound of the pair.
