AUDUSD breaks below the support of the up trend line from 0.4815 (Sep 2001 low) to 0.7675 (Aug 2007 low). Deeper decline is still possible to 0.7800 zone in a couple of weeks. Initial resistance is at the down trend line on daily chart. As long as the trend line resistance holds, we’d expect down trend to continue.
For long term analysis, AUDUSD is in long term bearish movement. Further fall towards 0.7800 to reach the next cycle bottom on weekly chart is now in favor.
