Technical outlook:
AUD/USD has printed yet another intraday low at 0.6722. The pair is seen to be trading at 0.6727 at this point in writing. The fibonacci convergence at 0.6635 is still trapped within the trading range for a bullish reversal here. It is not shown on the chart here but the RSI is showing extreme bullish divergence as well. Furthermore, the drop from 0.7031 levels is looking to have hit fibonacci support at 0.6740 earlier. All the above facts signal a potential bullish reversal from the current price action. A break above 0.6765 would confirm that a meaningful low is in place at 0.6762. The overall structure should continue to remain bullish as long as the price stays above 0.6668 lows pf October 2019. Only a consistent break below that support would threaten the proposed bullish targets at 0.7200.
Trading plan:
Remain long, stop @ 0.6668 and target is 0.7200.
Good luck!
