Breaking: AUD/USD breaks Sep critical daily lows, 0.7106 eyed

FXStreet Team FXStreet

AUD/USD is moving in a strong downtrend and extending lows as the bottom falls out of the market on covid risk aversion, breaking the Sep daily support along the way.

AUD/USD 15-min chart

The 15-min gap is something that traders may wish to consider fading at this juncture as the price would be expected to retest the prior support that would be expected to act as resistance.

AUD/USD daily chart

The bears will be eyeing the 0.7106 August lows at this juncture but countertrend traders will be waiting to pounce as well:

The bulls will note the 61.8% golden ratio that is now aliged with the presumed resistance structure and 23rd November lows near 0.7206.

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FXStreet Team

FXStreet

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