Overview:
The AUD/USD pair continues to move downwards from the level of 0.6920. Yesterday, the pair dropped from the level of 0.6920 (this level of 0.6920 coincides with the daily pivot point) to the bottom around 0.6850.
Currently price is set at the 0.6872 level.
Today, the first resistance level is seen at 0.6920 followed by 0.6963 (R2), while daily support 1 is found at 0.6850.
Also, the level of 0.6920 represents a weekly pivot point for that it is acting as major resistance/support this week.
Amid the previous events, the pair is still in a downtrend, because the AUD/USD pair is trading in a bearish trend from the new resistance line of 0.6920 towards the first support level at 0.6850 in order to test it.
If the pair succeeds to pass through the level of 0.6850, the market will indicate a bearish opportunity below the level of 0.6800. Because the price is in a bearish channel now. The RSI starts signaling a downward trend.
However, if a breakout happens at the resistance level of 0.6963, then this scenario may be invalidated.
The material has been provided by InstaForex Company - www.instaforex.com