AUDUSD currency pair since the beginning of the year moved north. However, for a long time oscillated around 0.7770 level coinciding with the 70.7% Fibonacci correction of the earlier declines. The final rejection of this level meant that the market has once again found himself in the ongoing for four years bearish trend channel.
Looking at the daily chart, we see that last Friday the market overcame a upward trendline running from the beginning of the year,what could argue for a continuation of declines. In the near future we expect to test the level of 0.7330, which could open the way to south direction even at around level 0.7175 or further down to 0.6850.
