AUDUSD is in down trend and the fall from 0.9849 extends further to as low as 0.7852 level. Initial resistance is at 0.8262 and key resistance is located at 0.8405. As long as 0.8405 level holds, we’d expect down trend to continue. However, a break of 0.8405 key resistance will indicate that the down trend from 0.9849 has completed.
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 in favor.
