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Fan Yang

AUD/USD - Might Have More Downside Towards 0.60

After falling from around 0.81 to a low around 0.7050 by the end of the year, $AUDUSD continued to slide in 2019. On the daily chart, we can see that after holding above 0.70 for several months, price fell lower in May, tagging 0.6850. After a rebound, it fell sharply again at the end of July. More recently, price rebounded from above 0.67 to almost 0.69 and then retreated again. 

AUD/USD Daily Chart

(click to enlarge)

Bears in Charge:
- Price is still holding under the 200-day simple moving average (SMA). 
- The RSI is still holding under the 60.
- As we can see on the monthly chart, there is downside towards the 2008 low just above 0.60, or a more common support just under 0.63. 
- At this point, it would take a break back above 0.70 to suggest any bullish reversal scenario.
- Furthermore, the 0.68-0.6850 area will likely become a key resistance if price pulls back up from let's say 0.67.

AUD/USD Monthly Chart

(click to enlarge)

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