Aussie promises more decline – Technical Analysis – 05-11-2015

The AUDUSD pair declined recently to break the critical support 0.7144, which represents 50% Fibonacci of the short term bullish correctional wave from 0.6907 to 0.7381, accompanied by breaking the ascending channel that carried the short term trading as appears on the chart, with more negative pressure of the moving average 50.

Therefore, we expect the pair to decline in the coming period, especially in case settling below 0.7144, targeting 0.7088 key support that represents 61.8% Fibonacci.