AUDUSD – fresh bearish signal on break below congestion floor
The Aussie dollar holds firmly in red on Wednesday and extends lower after strong fall on Tuesday, to hit new lows of over three months.
News that China prepares a list of tariffs for US goods, increased pressure on Aussie.
Today’s fresh weakness signaled eventual break through the floor of week-long congestion (0.7672) which generates strong bearish signal for continuation of larger downtrend from 0.8135 (2018 high).
Fresh bears eye next pivotal supports at 0.7650/41 (Fibo 76.4% of 0.7500/0.8135 rally / weekly cloud base), break of which could open way towards key med-term support at 0.7500 (11 Dec low).
Res: 0.7700; 0.7715; 0.7757; 0.7775
Sup: 0.7650; 0.7641; 0.7600; 0.7586