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Technical Analysis – AUDUSD bearish in descending channel

AUDUSD remains in a descending channel on the daily chart and is below the daily Ichimoku cloud. These highlight the underlying bearish market bias. Meanwhile, the RSI is also bearish below 50.

Looking at the bigger picture, the weekly chart shows that AUDUSD has fallen sharply from 0.9400 to retrace 76.4% of the upleg from 0.6008 to 1.1078. A break below 0.7038 would accelerate a further decline and target the low of 0.6008. A move to the upside would find resistance at 0.7532. Technicals are also bearish. The Ichimoku cloud is falling and the tenkan-sen is below the kijun-sen line.

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