The Australian dollar currency looks vulnerable to further losses against the US dollar due to broad based weakness amongst commodities. The AUDUSD pair could reach the initial target of a large bearish patter, around the 0.7280 level if the 0.7400 level is broken. Overall, watch out for a continuation of the bearish trend if the AUDUSD pair continues to make fresh lower lows.
The AUDUSD pair is only bullish while trading above the 0.7560 level, key resistance is found at the 0.7600 and 0.7650 levels.
The AUDUSD pair is only bearish while trading below the 0.7560 level, key support is found at the 0.7400 and 0.7280 levels.
