AUDUSD drops sharply below 0.7789 previous low support

By: Forex Cycle
AUDUSD drops sharply below 0.7789 previous low support and reaches as low as 0.7722 level. The pair remains in downtrend from 0.8155. Deeper decline is still possible to 0.7650-0.7700 area. Near term resistance is at 0.7835 and followed by 0.7890, as long as these levels hold, we’d expect the downtrend to continue. However, above 0.7890 level will indicate that a short term cycle bottom has been formed on 4-hour chart and the downtrend from 0.8155 has completed.

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