Technical outlook:
The AUDUSD currency pair is trading just below 0.7300 mark after finding interim resistance around 0.7320 levels today. The pair is facing short-term resistance from the immediate trend line as well, on 4H chart. Bears might be preparing to drag prices lower towards 0.7200/30 zone, before the rally could resume as potential remains around 0.7600 mark.
The Aussie dollar has dropped between 0.7880 and 0.7100 levels in the past several weeks and carved a series of resistances starting from 0.7385 mark, as highlighted here. The pair seems to have carved a meaningful bearish boundary to be retraced higher in the coming weeks. High probability remains for a push towards 0.7600 levels, which is fibonacci 0.618 retracement of the above boundary too.
In the near term though, prices could drop towards 0.7190/0.7230 zone, before resuming its rally. Also note that 0.7190 is fibonacci 0.618 retracement of the recent rally between 0.7100 and 0.7320 levels.
Trading plan:
Potential remains for a rally towards 0.7600 against 0.7100
Good luck!
