AUDUSD moves to a new low as the trend lower this week continues

The AUD/USD has been trending lower this week, steadily breaking through key support levels. Yesterday, the pair fell below the 50% retracement level and tested a key swing level at 0.62348.

Today, the price has continued its decline, breaking below the 61.8% retracement at 0.62097 before moving past the next target zone between 0.6196 and 0.6202. This breakdown opens the door for further selling momentum if bearish pressure persists.

If the pair finds support near the 61.8% retracement, a corrective bounce could target the recently broken levels. Upside resistance includes the 0.62348 swing level and the 50% retracement at 0.62474.

This article was written by Greg Michalowski at www.forexlive.com.