AUD/USD: Bears are coming

Tatiana Norkina, an analyst at FBS

Yesterday's currency pair correction  within the four-Tenkan-Kijun channel came to the end rather quickly. The pair AUD / USD could not consolidate above Tenkan line, and it resumed declining under bearish pressure , losing more than 160 pips. New lows in the range of  0.7630 were formed this morning.

All indicators are expected the descending tops, supporting the sale of a currency pair.

However one should pay attention to Chinkou Span, which is oversold. Therefore, we do not exclude the possibility of a bounce from 0.7600 support figure. Then, after testing the level of Tenkan-sen line the drop in the rate will be continued.

Trading recommendations:

1. Sell - 0.7730; SL - 0.7750; TP1 - 0.7680; TP2 - 0.7600.

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