AUD/USD Retains Its Broader Downside Bias

Forex Trades • Oct 1, 2019 at 5:54 PM EDT

AUD/USD threatens further downside pressure as it sold off on Tuesday. On the downside, support lies at the 1.6650 level. A cut through here will turn focus to the 0.6600 level

AUD/USD threatens further downside pressure as it sold off on Tuesday. On the downside, support lies at the 1.6650 level. A cut through here will turn focus to the 0.6600 level and then the 0.6550 level where a violation will set the stage for a retarget of the 0.6500 level. Its daily RSI is bearish and pointing lower suggesting further weakness.

Conversely, resistance lies at the 0.6750 level where a breach will aim at the 0.6800 level. Below here will open the door for a run at the 0.6850 level and then the 0.6900 level. On the whole, AUD/USD faces further downside threats medium term.

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