AUD/USD: bears pressing
Tatiana Norkina, FBS analyst
The Australian dollar keeps losing ground to the American. Yesterday, the currency pair rate was falling below the 76th figure, forming a new low for the past six years in the 0.7560 area. Obviously, the bears are pretty serious and the trend will continue in the near future.
Ichimoku indicator is entirely on the sellers' side: with an active dead cross on the backgroud, the Ichimoku cloud is extending downwards. However, the Chinkou Span line is currently in the zone of oversoldness. Thus, considering the strong support at the current levels, it is safe to assume that the bulls might try to correct the currency pair rate into the Tenkan-Kijun channel. Then, the downtrend is likely to resume.
Technical levels: support – 0.7550/60, 0.7510; resistance – 0.7620, 0.7660.
1. Sell — 0.7660; SL — 0.7680; TP1 — 0.7550; TP2 — 0.7510.