The AUD/USD pair continues to move downwards from the level of 0.7276, which represents the double top in the 1H chart. This morning, the pair is dropping from the level of 0.7276 to the bottom around 0.7246. Today, the first resistance level is seen at 0.7303 followed by 0.7331, while daily support is seen at the levels of 0.7202 and 0.7180. According to the previous events, the AUD/USD pair is still moving between the levels of 0.7276 and 0.7180. Hence, we expect a range of (0.7180 - 0.7276) 96 pips in coming hours. The first resistance stands at 0.7303, for that if the AUD/USD pair fails to break through the resistance level of 0.7303, the market will decline further to 0.7002. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7180 in order to test the second support (0.7180). On the contrary, if a breakout takes place at the resistance level of 0.7331 (the double top), then this scenario may become invalidated.
