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- AUD/USD Price Analysis: Bears are targetting the 0.7280s
AUD/USD Price Analysis: Bears are targetting the 0.7280s
- AUD/USD bears stay in control with eyes on 0.73 the figure.
- A break of 0.7300 opens risk to the 0.7280s for the sessions ahead.
AUD/USD fell on Wednesday and extended losses in Thursday's Asian session following a surprisingly strong US Consumer Price Index report and a shockingly poor Aussie jobs event. AUD/USD has fallen from 0.7393 to a low of 0.7315 since the start of yesterday's trade.
The momentum indicators are pointing towards further declines ahead which leave 0.7300 the figure vulnerable. A break of the level will then expose the start of October's territories to around 0.7280 for which is illustrated in the following daily chart analysis:
AUD/USD daily charts
The price is now below the 50-EMA on the daily time frame as pressures mounted below the 200-EMA at the start of the month. However, there are also the probabilities of an upside correction first:
The imbalance left with prices shooting lower as far as they have ad beyond the daily ATR would be expected to be followed by a correction in due course. However, the momentum is with the bears at the moment.
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