AUD broke major support

[alroughani]

Today, the AUD broke its major support of 0.6550 and so far trading below 0.6500... the next minor support is 0.6450 which if broken will push it towards 0.6340.

Over all, the trend is bearish for the short term

 

[alroughani]

Watch carefully, there might be a good sell entry around 0.6540 for a target of at least 50 points for intra-day traders. Stop loss should be 20 points

 

[alroughani]

Tonight, the AUD is moving in no obvious trend. 0.6570 area is becoming a support level after retracement from 0.6655. Possible sell entry if this support level is broken for .6500 as initial target

 

[alroughani]

Now AUd is trading around the 38.1 Fibo (.6840-.6450) if broken upward then target is Fib 68.1 at .6695. In between a moderate resistance would be yesterday high which is .6650

Overall, it is still in consilidation with downtrend bias yet unless the the 0.7000 is broken which is unexpected to happen this week.

I would not take any position as of yet till a clear picture arise in the European market