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AUD/USD: more declines expected

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AUD/USD New Low!

The AUD/USD pair failed to reach and retest the downtrend line signaling strong selling pressure. I've told you in my previous analysis that the currency pair could extend its downside movement if it stays under the downtrend line and if if drops below 0.7254 former low.

Now it has dropped below 0.7230 immediate low signaling a deeper drop. Staying below this level could be seen as a new selling opportunity. 0.7200 psychological level and the 0.7174 are seen as downside targets.

AUD/USD Trading Conclusion!

The failure to reach and retest the downtrend line followed by its drop below 0.7230 former low could validate a further drop.

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