AUD/USD may fall 35 - 49 pips

0.6620 is our pivot point.

Our preference

The downside prevails as long as 0.6620 is resistance.

Alternative scenario

Above 0.6620, look for 0.6643 and 0.6656.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.6651 and 0.6660).

Supports and resistances

0.6656 **

0.6643 *

0.6620 **

0.6612

0.6599 last

0.6564

0.6550 **

0.6537 *

0.6524 **

Number of asterisks represents the strength of support and resistance levels.