AUD/USD turn bearish with the break of major support

The price has broken our ascending support-turned-resistance line triggering a bearish move from here. We look to sell below major resistance at 0.7996 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down all the way to 0.7875 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).

RSI (34) sees our ascending support-turned-resistance line broken triggering a bearish drop from here.

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

Sell below 0.7996. Stop loss is at 0.8047. Take profit is at 0.7875.


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