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    Technical Analysis – AUDUSD bearish at 6-year lows

    AUDUSD remains bearish after a big drop on Friday and then extended lower on Monday to touch a new 6-year low at 0.7461. The bias is to the downside as the tenkan-sen and kijun-sen lines are negatively aligned. Also the market is below the Ichimoku cloud and below the 100 and 200-day moving averages, all these signals are bearish. RSI is below 50 which supports the downside bias.

    In the big picture, AUDUSD has been in a downtrend since the decline from 0.9400 to 0.7532 and then a retracement to 0.8162 before falling again. After breaking below 0.7532 it looks like the bias is back to the downside for a resumption of the bearish trend. Only a break above 0.8162 would shift the outlook and weaken the downside bias.

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