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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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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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The material has been provided by InstaForex Company - www.instaforex.com