AUD/USD: Likely to continue its drop next week
The pair will likely to continue its drop next week, this is the reason why…
The downtrend trendline which we draw has been broken last week. LS also broke the last support 0.69050 indicating further downside pressure. It seems to confirm the break of double supports (KS and TS) last week. Next support could be seen around 0.62776 (2008 support).
The Daily shows that previous support level was broken by LS with no immediate support. Prices broke trendline. Since KS, TS’s slopes are pointing downwards, we think the pair will likely continue to drop next week.