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AUD/USD continues the downtrend

AUD/USD continues the downtrend

Information is not investment advice

AUD/USD formed a lower high within the overall long-term downtrend. The pair is currently supported by the 50% Fibo of the January recovery at 0.7020. This level is all that is left before the pair will slide to the lower levels of 0.6955 and 0.6860 in line with a “Head and Shoulders” pattern.

Positive dynamics will be once again possible if the pair returns above 0.7060, but even then the next resistance will be rather close, at 0.7085.

AUDUSD daily.png

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