AUD/USD Price Analysis: More losses likely while below 0.7450
|- AUD/USD bearish bias intact, some consolidation considering extreme oversold readings.
- Next strong support at the 0.7370/80 band.
The AUD/USD is falling for the third day in a row and is about to post the lowest daily close since December of last year. The consolidation under 0.7450 would leave the door open to more losses. Some technical indicators show oversold reading suggesting some consolidation ahead before a bearish continuation.
A recovery above 0.7450 should alleviate the short-term pressure. Above resistance levels are seen at 0.7490 and 0.7510.
On a wider perspective, the negative bias in AUD/USD will prevail while under a downtrend lie, currently at 0.7675. Another level to consider for the bias is the 200-day simple moving average at 0.7570.
AUD/USD 4-hour chart
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