Technical outlook:
AUDUSD had managed to rally towards 0.7060 level around June 10, 2020, before reversing sharply. Earlier the pair dropped to 0.6775 level on June 15, 2020. Since then it managed to pull out a counter-trend rally towards 0.6975 level, which is also the Fibonacci 0.618 retracement of the previous drop as seen here. Immediate resistance is seen toward 0.7060 level, while support is seen at 0.6775 respectively. AUDUSD is expected to drop lower below 0.6775 in the short term. Intraday resistance is seen at 0.6920 and traders might be looking to sell there with risk above 0.7060 level respectively.
Trading plan:
Short now, stop @ 0.7060, target @ below 0.6775.
Good luck!
