Aussie is facing critical situation – Technical Analysis – 22-10-2015

The AUDUSD declined recently pushed by the negative pressure that comes from the moving average 50, to reach the critical support at 0.7200, which represents the neckline of the double top pattern that was formed as appears on the above chart, which meets 38.2% Fibonacci of the bullish wave from 0.6907 to 0.7381.

Therefore, we expect the decline in the upcoming trading, especially after breaking 0.7200 level and closing below it, targeting 0.7088 support level that represents 61.8% Fibonacci of the above mentioned wave.