AUD/USD continues very weak and likely to keep falling

The AUD/USD has been very weak in recent days and is likely to continue with this pair that weakness.

The aussie is finding support on the level of 0.8929, a fairly hefty monthly level since the AUD/USD has failed to make a breakout there. If this pair takes a bullish rebound at current levels, it is expected to rise to the level of 0.9012. On the other hand, if the pair manages to break this support level, would be expected to fall to the level of 0.8859.

The MACD indicator is still in neutral territory and AUD/USD stays below the 200 day moving average, so our bearish outlook remains alive.

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