The aussie is the weakest major currency on the day and charts are pointing to further downside
AUD/USD has been tearing it up as it made its way higher since December last year. But the main reason for that is that buyers have always found a way to lean on key support levels - particularly on the hourly chart - for a bounce higher.
![](http://az705044.vo.msecnd.net/20180201/2-1-2018-1-07-14-pm.png)
Today, we're starting to see some tell tale signs of exhaustion. On the hourly chart, buyers are failing to hold the price above the 200-hour MA in the latest test - and that is a sign that is hard to ignore. Buyers have previously held onto said level multiple times over the last week (circled areas).
![](http://az705044.vo.msecnd.net/20180201/2-1-2018-1-02-36-pm.png)
The daily chart also tells another story that we may have just found a top in the pair. The recent high was rejected similarly as it did back in September and it's a sort of double-top formation which points to a move towards the downside. And if you include today, it will be four consecutive days of declines for the pair - last seen back in November.
![](http://az705044.vo.msecnd.net/20180201/2-1-2018-1-08-54-pm.png)
Even on the AUD/NZD chart, things does not bode well for the aussie. The daily chart shows that the recent downtrend still has room to go further still - likely towards the support level at 1.0864.
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