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4/5/2016 3:40:38 AM

AUDUSD breaches an ascending price channel's support - Technical Analysis - 05-04-2016

AUDUSD fell in the intraday levels and short term trading, leading it to breach the support of that ascending price channel that limited its previous short-term trading as shown in the attached chart, coinciding with trespassing the SMA50 and doubling the negative pressures on the pair's next movements, as the pair begins seeking a bottom to bounce off it higher again, with the overall guidance of the main upward trend in the medium and long terms.

Therefore we expect more losses to come for the pair in the next short term and intraday levels trading, targeting the important support of 0.7435, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 06973 to 0.7722).



Trend Bearish