The AUD has been in a downtrend for some time now, and fortunately for followers of our forex signals, the FX Leaders Team has been finding some excellent opportunities to the short side.
My bias is still 100% down. Predictions from some major banks have suggested that the AUD/USD could go as far as 0.6500. I certainly feel the Aussie is weak and there is every chance we will break 0.7500 very soon.
The Big Level
What’s shaping up as an important level is 0.7639. That was the big support level which is now resistance. It’s important because, if we hold it we are ready to make another leg lower. However should we break it, then questions need to be asked about the strength of the current downtrend.
The FOMC this week didn’t help our trend, however, I wouldn’t throw the baby out with the bathwater just yet. I’ll be looking to be short around that key level.
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