So just over a week ago i posted my thoughts and analysis on AUD/USD and have an update on how the pair has performed since.
In that post i stated that we was at a strong resistance area technically with the descending trendline and Daily 50ema and if we failed to breakout higher i would be anticipating a nice move down in to 0.7160 support before then moving lower.
Since then we found that level simply to strong and have now made new lows down with price closing last week down at 0.7048. With that being said we have the previous downtrend still running and now have the potential to move in to weekly lows at 0.6910.
Of course this isn’t going to happen straight away and we could have another full cycle or two to get there but its good to keep the long term view in mind.