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AUDUSD Sees Huge Sell Off, Retains Bearish Tone

AUDUSD: With AUDUSD selling off at the end of the week to follow through lower on the back of its previous week losses, more bear pressure is envisaged. On the downside, support resides at the 0.6800 level where a breach will aim at the 0.6750 level. Below that level will set the stage for a run at the 0.6700 level with a cut through here targeting further downside towards the 0.6650 level. Its weekly RSI is bearish and pointing lower supporting further weakness. On the upside, resistance lies at the 0.7000 level. A cut through here will turn attention to the 0.7050 level and then the 0.7100 level where a violation will set the stage for a retarget of the 0.7150 level. On the whole, AUDUSD continues to retain its long term downside pressure.

AUDUSDWeekly

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