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Technical Analysis – Bearish outlook for AUDUSD

AUDUSD has been capped by the 61.8% Fibonacci retracement level of the rise from 0.7532 to 0.8162. This level lies at 0.7772. Meanwhile, the market is below the daily Ichimoku cloud which gives a bearish outlook. The RSI is below 50 in bearish territory and this also highlights the downside bias. The tenkan-sen line is below the kijun-sen line which increases the possibility of a fall in prices.

Targets to the downside are the 76.4% Fibonacci at 0.7666 and the 0.7597 (June 1 low) and then 0.7532.
A break below 0.7532 would see a resumption of the downtrend from 0.9400 (September 2014 high).

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