AUD/USD towards fresh new lows

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AUD/USD Bearish Bias

AUD/USD is located at 0.7240 far below the downtrend line. As you already know, the price could drop when the pair is traded under a downtrend line. 0.7231 former low is seen as a downside obstacle.

Dropping below this level may signal a further drop towards the 0.7200 psychological level or even lower. The downside scenario could be invalidated only by an upside breakout above the downtrend line.

AUD/USD Forecast

We may have a new selling opportunity if the rate drops and stays below the 0.7231 level. 0.7118 lower low is seen as a major downside target if the price resumes its sell-off.

The material has been provided by InstaForex Company - www.instaforex.com

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