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From last 9 days of down-streak has continued after breaking support at 0.7237levels.
The Aussie plunged after the central bank announced its official cash rate cut citing a need to spur the economy and encourage a weaker exchange rate, with the move coming after a downbeat Caixin manufacturing PMI survey on China.
We now emphasize "0.7237" areas if it closes below support then we could get to see more bearish rout.
In our earlier write up we stated that "0.7237" areas as stiff resistance of sloping channel as shown on the monthly graph which was unable to sustain as a result we saw a “spinning top” candlestick pattern at 0.7290 levels.
Most significantly, break below baseline of rising wedge, and 7DMA attempts to cross below 21DMA which signifies weakness in this pair.
While leading oscillators are in conformity to the downswings, daily RSI is also converging downwards below 39 levels along with price dips.
Slow stochastic curves have entered into the oversold territory but %D crossover still suggests bearish pressures.
MACD is also substantiating weakness as indicates sell on daily and remained below zero signifies the major downtrend continuation.
Downtrend remains intact as lagging indicators and huge volumes are in conformity to the major downtrend on monthly charts, recent rallies have now rejected at channel resistance.
Downtrend has been sliding in sloping channel, every now and then attempts of bounces were suppressed at channel resistance and EMA curves.
Hence, contemplating the previous long term downtrend, we think this pair had taken a brief pause in last several days while a slight recovery took place but major trend continuation is likely event.
Well, for now the advice for long term investors is to stay firm with their shorts as the pair has now rejected below channel resistance and now breach below support at 0.7237 would be close watched on a closing basis.
On intraday speculative grounds, one can think one touch binary puts for target of 30-40 pips with strict stop loss at 30-40 pips above.
