AUD/USD: bearish with the target near 0.69 support level

Barclays Capital made a fundamental fiorecast for AUD/USD estimating the bearish targets for the price: first target is 0.7015, and the second target is near 0.6935/0.6895. As this forecast related to fundamental analysis so let's evaluate this forecast concerning the technical point of view using Metatrader and support/resistance lines.

AUD/USD: bearish ranging waiting for breakdown. The price is on primary bearish market condition located below below 100 period SMA (100 SMA) and below 200 period SMA (200 SMA) in the bearish area of the chart. The price is within the following key support/resistance levels:

• 0.8162 resistance level located near 100 SMA on the border between the primary bearish and the primary bullish trend on the chart, and
• 0.7381 resistance level located below 100 SMA/200 SMA on the primary bearish area of the chart; if the price breaks this level from below to above so we may see the local uptrend as the bear market rally within the primary bearish market condition, and
• 0.6907 support level located far below 100 SMA/200 SMA in the bearish area of the chart.

Symmetric triangle pattern was formed by the price to be crossed for direction.

• if the price breaks 0.8162 resistance so the reversal of the price movement from the primary bearish to the primary bullish will be started;
• if the price breaks 0.7381 resistance on close bar so we may see the local uptrend as the market rally within the bearish condition;
  
• if the price breaks 0.6907 support level on close bar so the primary bearish trend will be continuing;
  
• if not so the price will be moved within the channel.