AUD/USD Threatening Bearish Continuation

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AUD/USD Threatening Bearish Continuation

AUD/USD made a new low on the year last week, and then has been in a bullish correction. As we wrap up the week, the pair is in a bearish continuation attempt as it threatens to break below some key support levels. Let’s take a look at the price action on the charts.

After a rally form the low of 0.8540 to 0.8764 – near the highs last week – AUD/USD is now threatening to break below the week-long consolidation pattern. The better than expected US retail sales data did help the pair crack the support, but it needs to clear below 0.8650 to open up the 0.86 and 0.8540 lows. If price pushes above 0.8720 however, it would signal further consolidation, with upside risk to the 0.8764 high and possibly toward the 0.88 handle as well.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.