IlyaSpivak

AUDUSD wedge and range floor break may bring deeper drop

Short
FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD is breaking through range support after completing a bearish Rising Wedge pattern, suggesting that the downtrend may be accelerating anew. Support in the 0.7222-44 zone is now in focus. A break below that puts into view the measured-move objective of a Head and Shoulders topping pattern formed from the start of the year (0.7120-30 zone). The 0.70 figure follows soon thereafter.