Aussie leans on key support resistance – Technical Analysis – 08-10-2015

AUDUSD pair declined yesterday affected by touching the key resistance 0.7236, which represents 61.8% Fibonacci for the short term bearish wave from 0.7439 to 0.6907, to reach the critical support 0.7173 that represents 50% Fibonacci of this wave, with negative signals that come from stochastic as appear on chart.

Therefore, we expect more decline in the upcoming period conditioned by breaking 0.7173 level, to open the way for more decline that targets 0.7110 level that represents 38.2% Fibonacci level.