AUD/USD Price Forecast: Down move showing signs of resuming

AUD/USD appears to be resuming its downtrend after a brief pull back.
Should the pair break to lower lows it will signal a continuation of the trend south to lower targets.

AUD/USD seems to be resuming the downtrending move it began at the late-September highs, following a brief pull back.

AUD/USD Daily Chart

On Monday it is down by a third of a percent and is threatening to break below the October 16 low at 0.6658.

A break below that level would set a lower low and confirm the pair’s medium and short-term downtrending bias. Such a move would probably reach a target at the green 200-day Simple Moving Average (SMA) at 0.6628. Further weakness would be dependent on breaking below that level as well as the key September 11 swing low and support level, at 0.6622.

However, if successful, the next bearish target would come in at the 0.6565 August 15 swing low.

The trend is bearish on the short and medium term timeframes – indicating a bias towards more selling – but sideways on the long-term.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.