Yesterday AUDUSD broke the downtrend line, but there were still hope for bulls because, the price returned near the line at the end of the day. However, today AUDUSD has continued downward movement and we can see re-test that line from the bottom at the chart. It is a strong signal for further falls.

Currently, main scenario for AUDUSD is downward movement. That movement started in half of August, but then it was only the movement above uptrend line. Nearest target for bears is 0.7500 and there some correction may occur. If that level is broken, next support will be located at 0.7360. This last mentioned level is a strong support and should cause rebound.



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Author of blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.