The destination does not seem nigh for the AUDUSD as it continued its steady decline since yesterday into the early European session on Thursday. The Australian dollar may seem to be getting weaker these days, even as the pair has continuously sold itself over the last couple of days loosing over 100 pips since yesterday.
We reported yesterday that the pair was beginning a losing streak and that these direction would last for some time. Please find that article below:
The pair has since penetrated the support we found at 1.04 yesterday and further breached another support at 1.0390. Today, the pair broke major support of 1.0347, having fallen to 1.0340
For us, having defied all odds, there seems to be no stopping for the commodity pair except urgent fundamental forces comes into play in the next couple of hours.
Also, most MT4 Technical Indicators all points to the south for the pair’s direction.
The pair is currently quoting 1.0337 as at Thursday 15th November 2012, 11:13 GMT+1.
Our trading recommendation at this point would to sell the pair with a Take Profit of 1.0311