AUD/USD remain bearish for a further drop

The price is approaching major resistance at 0.7962 (Fibonacci retracement, Fibonacci extension) and we expect to see a drop from here towards 0.7875 support (Fibonacci extension, horizontal swing low support).

RSI (34) sees a descending resistance line holding our bearish momentum really nicely.

Correlation analysis: We are expecting commodities weakness with AUD/USD and NZD/USD both expecting drops.

Sell below 0.7962. Stop loss is at 0.7995. Take profit is at 0.7875.


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