See on the daily bar chart for the December Australian dollar futures, traded at the Chicago Mercantile Exchange, that prices have sold off sharply recently and on Thursday hit a fresh four-week low. A fledgling downtrend line is in place and a bearish double-top reversal pattern has also formed on the daily chart. The bears have fresh downside technical momentum. A move below technical support at Thursday’s low of 1.0121 would become a fresh selling opportunity in the Aussie dollar futures. The downside price objective would be .9750 or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.0300.
