FX.co ★ AUD/USD

Sellers on the AUD/USD pair were very active yesterday, and as a result of the subsequent decline, we were able to easily break through the important support level around 0.7098 and establish below it. Volumes throughout this action were quite high and gradually increasing, indicating an accumulation of short positions by large bears, which gives a good chance to see a continuation of the decline, of course after a small correction. So, my priority is selling, therefore I will be waiting for the AUD/USD pair in the next trading week to first pull back to the previously broken resistance level at 0.7098, followed by a bounce off it and a resumption of the decline towards targets around 0.7000.