The AUD/USD pair is dropping like a rock after failing to stay above 0.7102 former low and above the 0.7100 psychological level. As you already know from my analysis, the selling pressure was high as long as it stays under the downtrend line. I've told you in my previous analysis that the pair could extend its sell-off as long as it's trading below the downtrend line which represents a dynamic upside obstacle (resistance).
Its failure to approach and retest the downtrend line signaled that the sellers are in full control. Dropping below 0.7102 signaled a potential deeper drop.
The current aggressive drop below 0.7102 could activate a larger downside movement. In the short term, it could try to rebound, maybe it will come back to retest the 0.7102 before dropping deeper. The breakdown could be seen also as a selling opportunity.
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