On Thursday afternoon, it was trading down 0.65% and hovering near 74.00, which are ten-week lows for this currency cross. Moreover, the price is down nearly 6% since the cycle highs printed earlier in September.
The cross dropped below previous lows of 74.80, which confirmed the bearish bias, and as long as the Aussie trades below this level, both the medium and short-term outlooks suggest further pressure.
However, the cross looks heavily oversold. Therefore, we can expect a strong bounce. Should the price climb back above the 74.80 level, the short-term trend might change to bullish, targeting 75.60.
On the downside, the 74 support could provide some motivation for bulls to jump in. Otherwise, the Aussie might continue falling toward the 73.30 zone.
