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AUD/USD - Strong Selling Pressures at Work

AUD/USD has broken the key support area defined by 0.9206. The short-term technical structure is negative as long as prices remain below the resistance at 0.9218 (10/09/2014 high).

In the medium-term, the break to the downside out of the 5 month horizontal range between 0.9206 and 0.9505 (bearish head and shoulders formation) calls for a further decline towards the support at 0.8891 (03/03/2014 low).

Daily Technical Report

 

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