AUDUSD entered a phase of steep declines on Monday, after hitting resistance a few pips below the peak of Friday, at around 0.7135. Although some buyers sought to take advantage of the slide between the 0.6990 and 0.7040 levels, they were unable to withhold the pressure. This resulted in another round of selling and a break below the upside line drawn from the low of July 14th.
The switch in the short-term bias is also confirmed by our short-term oscillators. The RSI moved lower and is now flirting with its 30 line, while in the stochastic, the %K lies below the %D. Although it also dipped below 20, it continues to point south, which implies strong downside momentum.
After breaking the aforementioned upside line, the pair also dropped below the low of August 10, which could be seen as the confirmation of a short-term bearish reversal. More bears could join the action soon and perhaps shoot for the 0.6882 hurdle, which provided decent support between July 25 and August 5. That said, for more declines to be considered, a dip below 0.6860 may be required. Such a move could see scope for extensions towards the low of July 19, at around 0.6800.
On the upside, a rebound back above 0.6990 may signal that the bulls are reigniting attempts to steal the bears’ swords, as it would take the pair back above the upside support line. The next stop might be yesterday’s peak, at around 0.7040, the break of which could encourage advances towards the 0.7090 zone, near the inside swing low of August 12.
To wrap up, AUDUSD has been under selling pressure since Monday, with the price slipping below an upside line and a key support territory today. From a technical standpoint, this suggests a short-term trend reversal.
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