During Wednesday’s trading session, the Australian dollar fell sharply, breaking below the 0.73 mark. Since we’ve broken through yet another significant figure, it seems that the Aussie dollar will continue to fall much more. As long as everything else is equal, I expect this market to continue its downward trend towards the uptrend line; however, if we break below this level, the Australian dollar is very guaranteed to fall. I believe there are enough buyers to keep this market afloat, but in the medium term, I expect to see further drops in the market.
The support rests at 0.72630 with resistance at 0.72850 which the Pivot Point at 0.72710 is located below the price line. The EMA of 10 is moving in a bearish bias and it is below the EMA of 200 and EMA of 100. The RSI is going toward the level of 50, the MACD histogram is in negative territory with the signals going toward the upward momentum. The Stochastic is going to move toward the high ranges and the ADX is not showing a clear signal.
The price is below the Ichimoku Cloud and the Chinkou Span is far away the market price. The Tenkan-sen and the Kijun-sen are both showing a downtrend.

• There is resistance at 0.72850, followed by resistance at 0.72930 and 0.73070.
• There is support at 0.72630 Below, there is 0.72490 and 0.72410.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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