AUD/USD may fall
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Trade idea
SELL 0.7120; TP1 0.7100; TP2 0.7055; SL 0.7130
AUD/USD formed an inside bar on the weekly chart. If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.
On D1, the pair has lost the battle with the 100- and 50-day MAs. These lines are now acting as resistance in the 0.7170/80 area. AUD/USD failed to overcome this obstacle yesterday. Here’s also the weekly pivot point, and as long as the Aussie is below it, it will remain under pressure to test lower levels. The decline below 0.7125 will open the way down to 0.7095 and 0.7050.
