AUDUSD under bearish pressure today following the earlier breakout of the support trendline of the daily up channel from August (which encloses the previous short-term ABC correction (ii)). The breakout of this up channel strengthened the bearish pressure on this currency pair.
With the strong bearish sentiment affecting the Australian Dollar, coupled with the widespread US Dollar optimism – AUDUSD is likely to fall toward the next support level 0.6690 (which reversed the price twice in August) – followed by 0.6650 (major low from January and the target for the completion of the active wave (iii)).