The Australian Dollar has come under a lot of pressure against the USD since it peaked around July. An attempt for the pair to move higher was made in september but that attempt was met with an overhead supply which caused the pair to tanked. Recently the pair has been consolidating for two weeks within the range of 0.76 & 0.77 region forming a rectangle base. Yesterday saw a break of that rectangle base where the pair closed below the base on daily basis. As the base has been breached we expect the pair to move further southwards as our short position below the base was triggered last night. First target is seen around 0.749 with extended target around 0.732.
Happy Trading
Happy Trading