AUDUSD Could Sink to 0.6830 if 0.7020 Fails

The AUDUSD is at risk of breaking lower. I mentioned the trend line below a couple of times in recent weeks. Buyers failed to close the pair above it, which means the 0.7030 horizontal support level is under pressure once again. But buyers may not escape a breakdown this time. The lower highs since September may be about to take AUDUSD below 0.7020. The 0.7020/30 area has been a key factor for years as you can see from the weekly chart below. One level I’m going to keep an eye on if we do get a breakdown is the bottom of what could be a descending channel. It “could be” a channel because the bottom level … (full story)

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