Currency Analyst since 2010

Aussie prolonged downtrend

Tatiana Norkina, FBS analyst

The AUD/USD currency pair continued declining during yesterday's trading session. Having bounced off the four-hour Kijun-sen resistance, the pair's rate reached the last week's lows and is currently trading near the 0.6950 support. The bears are clear to have very serious intentions, pushing the levels despite the market oversoldness.

The Ichimoku indicator is also supporting the bearish sentiment. The Tenkan and Kijun lines again turned downwards yesterday, while the cloud keeps expanding in the downward direction. Today we are obvious to see the lows updated.

Technical levels: support –  0.6950; resistance – 0.6980.

Trade recommendations:

1. Sell — 0.6960; SL — 0.6980; TP1 — 0.6890; TP2 — 0.6850.

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