AUD/USD under pressure near five-year lows

<p>AUD/USD (daily chart) remains under pressure just above its recent five-year low of 0.7625 that was hit only a month ago in early February. Currently […]</p>

AUD/USD (daily chart) remains under pressure just above its recent five-year low of 0.7625 that was hit only a month ago in early February.

Currently fluctuating around major 0.7700 support, the currency pair continues to trade within a sharp downtrend that extends back six months to September’s 0.9400-area high.

This bearish trend has adhered closely to both the 50-day moving average as well as a key downtrend line that has served as strong resistance for the duration of the six-month slide.

AUD/USD daily chart


That downtrend resistance line was revisited again just over a week ago, when the currency pair made a February high around 0.7912 late in the month, before retreating back into its bearish trend.

Despite any modest bounces from support, AUD/USD continues to trade under pressure. 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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