AUD/USD Experiencing downtrend below 0.7930
AUD/USD is now trading at 0.7825 with a high of 0.7835 as well as a low of 0.7776.
AUD/USD is making a solid come back post the losses from above the 0.79 level. However, continued failures at the 0.7930 downtrend, means that the continuations of downside pressure will probable play out. There is some to go so far in any case, with 0.7840 being the next major resistance to overcome on a continuation of the slight recovery.
Technically, Karen Jones, chief analyst at Commerzbank, clarified that failures of the 0.7940 downtrend are possible to see a slither back to the 0.7740 primary support by 0.7627 the February low.
“Below 0.7597 we have very minor support apart from the 0.7335, 50% retracement of the move up from 2001.” She added, “Above the downtrend would establish scope to the 0.8034 7th January low.
The market yet again held over the base of the 2013-2015 down channel at 0.7597. A close above 0.8035 is needed to alleviate downside pressure.”