ANZ - "AUDUSD Daily Chart: Once again, the downtrend remains firmly in place. Last week’s failure to breach 0.9250 and the swift slide below 0.9000 underscores the corrective nature of rebounds. Any further rebounds could struggle in the 0.9100-25 area. Such minimal rebounds, or a close below 0.8925, could even trigger an early return to the downtrend (so much for hopes for a standard squeeze to 0.9500!) and slippage towards the 0.8550-0.8675 target area.
Even if rebounds do occur, they will still be seen as selling opportunities.
AUDUSD Weekly Chart: Despite apparently supportive momentum (RSI especially), the failure to breach minimal resistance levels suggests that momentum is merely signalling that the downtrend is mature. It may be at risk of a turn, but with rebounds being so contained, the dominance of the downtrend is being underscored.
This suggests that further slippage could force an early test of 0.8550-0.8675."