AUD/USD retreats under pressure
James Chen March 2, 2015 7:46 PM
<p>AUD/USD (daily chart shown below) has retreated from a month-long high of 0.7912 that was hit late last week. That high was just under both […]</p>
AUD/USD (daily chart shown below) has retreated from a month-long high of 0.7912 that was hit late last week. That high was just under both the 50-day moving average as well as a key downtrend line that extends back to September’s 0.9400-area high.
The current retreat comes after the currency pair spent the month of February range trading and rebounding from its new five-year low of 0.7625 that was hit in early February.
Shortly after that low was established, it was almost re-tested when price action once again fell below 0.7700 support to hit an intermediate low of 0.7643.
Having now retreated from the recent rebound, AUD/USD is under renewed bearish pressure and is again approaching downside support around 0.7700.
Any sustained price move back below 0.7700 could prompt a breakdown to new lows towards the 0.7500 and 0.7300 target support levels.
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