The Aussie dollar remains in steep descend for the fourth straight day and hit new low at 0.7054 (the lowest since Feb 2016. Thursday’s close below key support at 0.7085 (11 Sep low) was strong bearish signal for continuation of larger downtrend from 0.8135 (2018 high, posted on 26 Jan), which needs confirmation on weekly close below 0.7085. The pair is on track for the second consecutive bearish weekly close and the biggest one-week fall since late Jan. Firm bearish setup of studies on all larger timeframes (day/week/month) adds to strong negative outlook. Bears eye psychological 0.7000 support as the sole obstacle en-route towards next strong supports at 0.6972 (09 Feb low) and 0.6910 (07 Sep 2015 low) which guard key longer-term support at 0.6825 (15 Jan 2016 low, the lowest since 2009). Bears show no signs of stall so far, as slow stochastic continues to head south, deeply in the oversold territory, but corrective action could be anticipated in the near term. Upticks are expected to offer better selling opportunities and should be capped by falling 10SMA (0.7182).
Res: 0.7085, 0.7111, 0.7128, 0.7141
Sup: 0.7054, 0.7030, 0.7000, 0.6972
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