Posted on March 17, 2015 by the XM Investment Research Desk at 8:11 am GMT
AUDUSD maintains a bearish bias in the long term but the short term bias is neutral. After falling to a near 6-year low of 0.7559 on March 11, the pair has been consolidating. To the upside the market is capped at the Feb 26 high of 0.7912. A break below the low of 0.7559 would open the path towards 0.7143. This is the 78% Fibonacci retracement level of the upleg from 0.6008 to 1.1078.
The underlying bearish bias is highlighted by the falling tenkan-sen and kijun-sen lines. The market is below the Ichimoku cloud and prices have been making lower highs and lower lows since the peak of 0.9400. The RSI is in bearish territory below 50.