AUDUSD has ended its retracement from 4-year lows. After peaking at 0.8294 last Thursday, the pair has been making lower highs to fall back below the key 0.8200 level.
The market is below the daily Ichimoku cloud which is falling and highlights the underlying bearish trend. The kijun-sen line is just crossing below the tankan-sen and the RSI has dipped back below the 50 line back into bearish territory.
Strong support is seen at 0.8031, the 4-year low hit on January 7. A break below this would target 0.7946 which is the 61.8% Fibonacci level of the upleg from 0.6008 to 1.1078 (2008-2011 rally).
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