The Australian dollar fell against the U.S dollar past the support of 0.8700 as the higher lows were breached.
Breaking below the uptrend channel we can expect 0.857 and previous low of 0.854 attained next
Falling below 0.863 we are unlikely to see retracements until 0.856 range, with the MACD swinging into the bearish zone.
Australian and New Zealand dollar both slumped against the greenback in yesterday's trading.
The Australian dollar broke the upward trend channel as the higher low formation was broken just hours after the trading day began, moving towards 0.8600 psychological level an hour before the FOMC meeting minutes are to be announced.
Trend Direction |
S3 |
S2 |
S1 |
R1 |
R2 |
R3 |
Entry |
Stop Loss |
Exit |
| Bearish | 0.854 | 0.856 | 0.8600 | 0.866 | 0.871 | 0.8800 |
