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AUDUSD: Continues Downside Momentum

Since the beginning of the year the currency lost more than 1.5% and last week fell almost 1.5% in addition is in a bearish phase after the death cross since mid-December.

Last week the AUDUSD fell with a narrow range and closed near the low of the week, additionally managed to close below the previous week low, which suggests a strong bearish momentum.

The stochastic is showing an extreme oversold market although is still displaying a strong bearish momentum.

Expecting a downward move to a weekly support at 0.6896 on a break below the previous week low at 0.7160 (scenario 1) however a bounce from the weekly support at 0.7160 could push the currency up to a key level at 0.7385 (scenario 2).