AUD Will Fall Further

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The Australian dollar may extend its downtrend against U.S. dollar, technical charts show. The Australian dollar formed a bearish outside candle at a four-year low against its U.S. counterpart on week 14 of the past 14 weeks, says Matt Simpson, market analyst at FOREX.com and City Index, in a commentary. The daily trend is firmly bearish and one that likely favors bears fading into minor rallies, while prices remain beneath 0.6300, Simpson says. A test of 0.6100 this week isn’t “out of the question,” the analyst adds

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