Will the AUD/USD Drop?

<p>Good day!</p>
<p>The price of the Australian currency broke the downtrend. Now, the asset could jump from the broken trend and reach a very strong resistance level of 0.6685, which is also a very important optional level. The asset could also pull from the level of 0.6685 and drop:</p>
<p><img class="alignnone size-large wp-image-42703" src="http://blog.tickmill.com/wp-content/uploads/2020/04/4-10-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/4-10-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-10-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-10-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-10.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Based on the data provided by COT CFTC, large operators again started to expand the net negative position (Long-Short); thus counting on the price drop and possibly providing an indirect confirmation of the potential future of Australian currency:</p>
<p><img class="alignnone size-large wp-image-42704" src="http://blog.tickmill.com/wp-content/uploads/2020/04/5-3-1024×533.png" alt="" width="1024" height="533" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/5-3-1024×533.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/5-3-300×156.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/5-3-768×400.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/5-3.png 1136w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>The currency pair USD/CAD is slowly going down, targeting the support levels 1.3855 and 1.3665. The horizontal 1.3665 is a very strong line from older timeframes. Therefore, once the asset passed the first level, it could get a significant support at the second one:</p>
<p><img class="alignnone size-large wp-image-42695" src="http://blog.tickmill.com/wp-content/uploads/2020/04/6-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/6-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/6-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/6-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/6.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>The American stock index broke the level of 2790.00, which is also the middle point from the last move of the currency pair. It is now targeting the psychological level of 3000.00. The asset can potentially pull from the resistance level of 3138:</p>
<p><img class="alignnone size-large wp-image-42696" src="http://blog.tickmill.com/wp-content/uploads/2020/04/7-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/7-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/7-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/7-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/7.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Let us remind you that this material is provided for informative purposes only and cannot be considered as a direct go ahead to implement transactions in the financial markets. Trading in the financial markets is very risky.</p>
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