AUD/USD pressured towards new lows

<p>AUD/USD (daily chart shown below) continues to be pressured towards new lows as it currently trades just slightly above the new five-year low of 0.7532 […]</p>

AUD/USD (daily chart shown below) continues to be pressured towards new lows as it currently trades just slightly above the new five-year low of 0.7532 that was established early this month.

That low was the latest culmination of a sharp downtrend that has been firmly in place for the past nine months, since the high around 0.9500 in July of last year.

The most recent rebound, from the noted five-year low that was hit two weeks ago, was only able to rise modestly up to the 50-day moving average before retreating to end up near its long-term lows once again.

2015-04-15-AUDUSD daily chart

The currency pair continues to be weighed down within a persistent bearish trend and could soon see progressively lower lows in the second half of April and into May.

The major downside target to watch has long been, and continues to be, the key 0.7500 level, which is not far below the current trading price. Any break below 0.7500, which would further continue the entrenched downtrend, should go on to target the original 0.7300 bearish price objective.

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