AUD/USD and GBP/AUD Achieve Critical Breakouts, Eyeing New Levels

Talking Points – AUD/USD, GBP/AUD, RSI Divergence, Price Breakouts

  • Australian Dollar depreciated broadly against its major counterparts last week
  • AUD/USD at new 2018 low, eyeing 2016 one next as downtrend may increase
  • GBP/AUD climbs, extending the dominant uptrend to Brexit Referendum levels

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AUD/USD Technical Outlook: Bearish

After former support/resistance held from last week’s technical outlook at 0.73106, the US Dollar launched a massive rally against its Australian counterpart last week. AUD/USD prices sharply descended through all critical near-term support barriers, achieving a new 2018 low around 0.70446. We also saw AUD/USD drop as much as 2.36% which was the largest decline over the course of a week since November 2016.

So where does this leave the Australian Dollar for the week ahead? Well the sharp decline has exposed the August 2015 and January 2016 lows around 0.69 and 0.68274 respectively. But do note that on the weekly chart there is some Article source: