AUDUSD slides after rejecting 0.7640

AUDUSD slides after rejecting 0.7640

Key Resistance: 0.7640
Key Support: 0.7540

This week the AUDUSD broke with a massive level of support on the daily/weekly and now has retraced back to retest it whilst the USD is rallying hard (+2.33% – 3 week move)

Let´s look at the 2H chart now for the setup.

Price broke with the 0.7640 level whilst trading in a very structured bearish move. This level confluences with the weekly pivot (also rejected) and the 0.382 retracement of the 0.7850-0.7530 move (-4.05%). It also confluences with the 76.4% retracement of the last leg down.

Everything points at a further decline in the Aussie.

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Author : Orlando Gutierrez

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