The AUD/USD pair is posting the third negative month in a row after the pullback on the bearish crossover within the 50 and 200 SMAs on the long-term chart. The Aussie plunged more than 4.5% since August and managed to challenge our recommended target at 0.7630, which overlaps with the 50-week SMA (see technical analysis here: http://bit.ly/2yHNlvd). Moreover, the price moved towards a new three-and-a-half-month low at 0.7625. It is worth to mention that the commodity currency pair is completing the seventh red day in a row and is moving towards the 0.7570 support level.
On the short-term timeframe, the 50-SMA is ready to post a downward cross with the 100-SMA indicating for further losses on price. The MACD oscillator sunk below the zero and trigger lines with strong momentum and the RSI indicator is falling within the oversold zone after the rebound on the 50 level.
