XM Group - Analytics

    XM Group

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    Technical Analysis – AUDUSD bearish at 6-year lows, falling cloud weighs

    AUDUSD remains bearish and is hovering at 6-year lows. The bias to the downside is quite strong as the tenkan-sen line is below the kijun-sen line and also the RSI is below 50. The falling 200-day moving average and falling Ichimoku cloud also highlight the underlying bearish market bias.

    From current levels, support is seen at the 6-year low of 0.7371 touched last week. A break below this would accelerate a fall towards 0.7250. To the upside, resistance is at 0.7555.

    Only a decisive break above the peak of 0.8162 would weaken the bearish trend that has been in place since the decline from 0.9400 (September 2014).

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