AUDUSD has fallen to its lowest level in five months and has turned increasingly bearish after breaking below its 200-day moving average. The slide from the 0.8124 peak is still in progress and shows no sign of reversing yet.
The market has retraced over 61.8% of the rise from 0.7328 to 0.8124. The break below the key 0.7600 level has strengthened the bearish outlook. This is now acting as an immediate resistance level. Breaking above it will help ease downside pressure and target the 50% Fibonacci at 0.7724. Immediate support is now at 0.7530, a level that has provided support in the past. From here there is scope to target the 0.7328 low and erase the recent uptrend.
Only a move back above 0.7900 would invalidate the current bearish phase. The RSI is below 50, which supports a bearish outlook. Meanwhile, the 50-day MA is falling and a bearish crossover with the 200-day MA would confirm the bearish medium-term view.
