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AUDUSD : Testing Key Support at .8658

AUDUSD : Daily Chart

AUDUSD still supported by the key support at .8658 on the daily chart, however it is expected to decline below this support. As the falling support trend line on the chart will not allow the pair to rise further. Previous support at .8832 now acting as resistance for the pair and .8658 is acting as support. 50 day SMA just crossed below the 200 day SMA signaling a downtrend continuation. On the stochastic oscillator also the red signal line is just about to cross above the average blue line signaling a downtrend continuation.

AUDUSD : Weekly Chart

If looking at the weekly chart, the pattern of the moving averages is such that 100 day SMA is above the 50 day SMA and 200 day SMA is above the 100 day SMA. This pattern shows a bearish trend and therefore the pair is going to break down from the support at .8658. The next support after declining will be at .8402.