Forex: AUD/USD Reaches Lower Low at 0.9528

on May 29, 2013
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The pair’s downtrend is continuing in today’s European trading after the price reached a lower low at 0.9528 during the day’s Asian trading. Since that low, the AUD/USD has ascended, retracing to 0.9670, but with a subsequent fast drop to 0.9611, leaving the hourly candle (12.00-13.00 BST) with a long wick.

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The MA89 and MA200 are above the price levels on the daily, 4H and 1H charts, indicating that the downtrend is still in favour.
The daily and 4H MACD and RSI are also supporting the bearish outlook, despite the fact that the daily RSI is oversold.
Next downward target is the support level at 0.9390.

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AUD Forex