AUD/USD Trading Down into 5-Year Lows

0
128
AUD/USD Trading Down into 5-Year Lows

After a month-long consolidation, AUD/USD is continuing its downtrend. Let’s take a look at the AUD/USD’s charts to see where the pair might finally stabilize.

The AUD/USD respected a 0.83, the 50-day SMA, and a falling trendline in the past month’s consolidation. As we wrap up the week, it is now just above the 0.79 handle, poised to break lower. If there is a pullback, watch out for resistance in the lows of the broken consolidation area, around 0.8050-0.81.

The monthly chart shows further room to run, with the 0.70-0.71 area as a key support. This area contains a support/resistance area, the 2006-low, 78.6% retracement and arising trendline coming up from the 2001 lows around 0.4814.

Previous Post by Author: Euro Continues to Bleed; EUR/USD, EUR/JPY, EUR/GBP

SHARE
Previous articlePayment Processor EgoPay Confirms Hack; Brings Down Website
Next articleBraintree to Enable its Merchant Clients to Accept Bitcoin from Customers
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.