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Technical Analysis – AUDUSD neutral bias remains near 5 ½ year low

XM Markets UUIIFXBR
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AUDUSDDailyfeb16AUDUSD continues its consolidation near a 5 ½ year low of 0.7625. Looking at the daily chart, the near-term bias is neutral  – the kijun-sen has flattened out and lies close to the 61.8% Fibonacci retracement level of 0.7950. This is from the upleg of 0.6008 to 1.1078.  The AUDUSD has been in a downtrend since the peak of 0.9400 in September 2014, so in the event of a bounce higher the pair will likely find strong resistance at 0.7950.

The RSI is still in bearish territory below 50, indicating that the downside momentum would still likely hold.  Meanwhile the Ichimoku cloud is falling and prices remains below it, highlighting the underlying bearish market bias.  A break of support at 0.7625 would open the way towards 0.7090 ( the 78.6% Fibonacci).

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