- AUD / USD bearish bias is intact, some consolidation considering extreme oversold readings.
- Next strong support in the 0.7370 / 80 zone.
The AUD/USD it is falling for the third day in a row and is about to post the lowest daily close since December last year. Consolidation below 0.7450 would leave the door open for further losses. Some technical indicators show an oversold reading that suggests some consolidation before a bearish continuation.
A recovery above 0.7450 should ease the pressure in the short term. Upper resistance levels are seen at 0.7490 and 0.7510.
In a broader perspective, the negative bias in AUD / USD will prevail while in a downtrend, currently at 0.7675. Another level to consider for bias is the 200-day simple moving average at 0.7570.
4 hour chart