AUDUSD new 52 week lows next?

The AUDUSD could trade to new 52 week lows. The AUDUSD is coming close to the mid July lows and the risk of a breakdown is highs for a couple reasons. The move on Sept 13-14th last month did two things: A break of the 61.8% Fibonacci level at .6891, and also a break of a descending channel. The breakout did not yield more gains, but the pair fell causing a false breakout of the channel. This price action should lead to a breakdown more times than not. And that is the risk for bulls near term. A break of the .6700 level should target channel support at .6610.

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