The AUDUSD has gone down in recent days to the new minimum, ending the period of nearly two-month consolidation. The wider technical system looks very interesting in the context of this breakout. The long-term trend has been bearish since 2011. From the beginning of 2016, we had a weak growth system, which in the background of a wider trend looks like a typical, though very extensive, correction. Chart W1 shows that it has a form of a wedge formation. Breaking the bottom from it suggested further declines, which are now becoming a fact. Recently, the price also dropped below the last year May’s low. It seems, therefore, that despite the temporary price fluctuations, the rate should continue to the south, with another target from the end of 2016, around 0.7150.
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