Mihai_Iacob

AudUsd- Navigating its Downtrend: Where's the Bottom?

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OANDA:AUDUSD   澳元/美元
Aud is very weak and the recent drop is not only on the back of USD strength...
After the new failed attempt to stay above 0.68 important figure back in July, the pair started to drop hard and in this descent cleared some very important levels that should have provided support: 0.66 and 0.65
For more than a month now the pair is trading in a 150 pips range, but the break down looks imminent at this moment.
Looking at the posted chart we see how strong the 0.65 ceiling is and for AUD to reverse back up would take a lot of fundamental reasons that simply are not there.
In conclusion, any rallies above 0.64 should be sold and swing traders could target 0.6250.

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