AUD/USD: Next stop .8050
Congrats to the AUD/USD bears who have cracked a big technical support level at .8645 and will now look to cement their position of strength with a weekly close below this level. Bearish momentum is very strong on all time frames and the next big support level is not until .8050.
There will be intraday trailing stops now above .8650 but they should remain safe unless we get an unexpected announcement. On a more medium-term perspective, I’d suggest .8050/.8850 type range from now until Christmas.