AUDUSD end week moderately lower. AUD closed the week sharply lower at 0.7620, losing close to 120 pips over the week. Price held firm at the support of 0.7590, with the strong downtrend dominating the AUD pair on the weekly chart. Staying in the middle range between 0.00% & 23.60% Fibonacci Retracement mark, we’d expect the AUD pair to continue trading downside. Should a breakout soon approach, the first main waited target lies at 0.7530. Breaking the mentioned level will extend the bearish wave to reach 0.7350.
AUDUSD traded with strong negativity on last Friday, breaching past the 23.60% Fibonacci Retracement level to the low at 0.7630. Softening late in the week, candlesticks is place well below the 80, 120 & 200 EMA lines which reinforce our expectations for the AUD pair to continue its; bearish trend in the upcoming period. Thus, we’d expect price to fall further, extending past the critical support at 0.7600. Expected trading range for today is between 0.7560 support and 0.7780
On its consolidating pattern from the 23.60% Fibonacci Retracement mark, AUD outlook is unchanged with bias on the downside. Volatility has been huge of late as investors sort out the situation between Greece and its creditors. More importantly, with most central banker monitoring the fallout from the collapsed Greece debt talks and ready to act if needed, the direction of the market today will be determined by trader reaction to the looming Greek crisis. Momentum will shift to the upside if Greece and its creditors does work towards a solution.