After breaking upward trend line, AUDUSD rate stopped near the support 0.7840, however the next day brought a break below.
Yesterday’s session tested the former support from below and it now acts as a resistance. Re-test was successful and fundamental declines connected with Reserve Bank of Australia statement brought price far lower, breaking the key zone between 0.7415-0.7380.
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If next week closes below, there will be a huge possibility of further declines – the road to support near 0.7250 will be open. In the alternative scenario, every support that was recently broken, will act as a resistance for price movements.
