AUDUSD 0.7423:1-week falling channel resistance may cap bounce
AUDUSD slumped to a new 6-year low at .7349 Thursday (July 16, 2015) while forming a 1-week falling channel (as shown on the 240minute chart). While the .7460/.7457/.7495 zone near the channel resistance continues to cap bounces, scope remains for further downside through .7349 to expose the .7209 area (the 76.4% retracement of the .6005/1.1079 2008/2011 upswing). However, if AUD bulls mange to reclaim the .7495 area, further gains towards .7532 near 38.2% of the .7848/.7349 fall is expected.
Outlook:
Short term: bearish
Long term: bearish
Outlook:
Short term: bearish
Long term: bearish
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.