AUD/USD TECHNICAL OUTLOOK: BEARISH
- Australian Dollar breaks counter-trend help, sellers retake initiative
- Month-to-month chart hints near-term weak point could mark begin of larger drop
- Invalidating speedy bearish bias requires clear break above 0.6930
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The Australian Greenback appears to be like to be resuming the dominant downtrend in opposition to its US counterpart. A each day shut beneath rising trendline help establishing the bounds of a corrective upswing from October lows means that transfer has now ended.
From right here, a each day shut beneath minor resistance-turned-support at 0.6811 appears to be like more likely to set the stage for an additional problem of the 0.6671-90 help shelf. That barrier has minimize off progress to the draw back since early August. Reestablishing above 0.6930 appears to be like like a prerequisite to neutralize near-term promoting strain.
Zooming out to the month-to-month chart for a broader…