AUDUSD touched a new 6-year low early on Monday at 0.7326. Prices have stabilized above 0.7380 but the bearish bias remains and this is supported by several indicators. The daily RSI is below 50, and the market is below the Ichimoku cloud, which is falling. The tenkan-sen line is below the kijun-sen line after the bearish crossover at the end of May. The falling 200-day moving average also highlights the underlying bearish market bias.
A break below 0.7326 will open the way to further falls. Key psychological support levels will come into focus, at 0.7300, 0.7250 and 0.7200. To the upside, resistance lies at 0.7532, the April 2nd low.
Only a decisive break above the April 14 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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