AUDUSD 0.7423:1-week falling channel resistance may cap bounce

AUDUSD slumped to a new 6-year low at .7349 Thursday (July 16, 2015) while forming a 1-week falling channel (as shown on the 240minute chart). While the .7460/.7457/.7495 zone near the channel resistance continues to cap bounces, scope remains for further downside through .7349 to expose the .7209 area (the 76.4% retracement of the .6005/1.1079 2008/2011 upswing). However, if AUD bulls mange to reclaim the .7495 area, further gains towards .7532 near 38.2% of the .7848/.7349 fall is expected.

Outlook:
Short term: bearish
Long term: bearish