The AUD/USD pair has broken resistance at the level of 0.7275 which acts as a support now.
According to the previous events, the AUD/USD pair is still moving between the levels of 0.7275 and 0.7352.
Therefore, we expect a range of 77 pips in coming hours. The trend is still above the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
Hence, the price spot of 0.7245 - 0.7223 remains a significant support zone. Consequently, there is a possibility that the AUD/USD pair will move downside.
The structure of a fall does not look corrective. In order to indicate a bearish opportunity above 0.7275, buy above 0.7275 with the first target at 0.7315.
Besides, the daily support 1 is seen at the level of 0.7245. Since the trend is above the 61.8% Fibonacci level (0.7245), the market is still in uptrend.
Overall, we still prefer the bullish scenario. In overall, we still prefer the bullish scenario as long as the price is above the level of 0.7245.
Furthermore, if the AUD/USD pair is able to break out the top at 0.7315, the market will rise further to 0.7315.
However, traders should watch for any sign of a bearish rejection that occurs around 0.7245. The level of 0.7223 coincides with 50% of Fibonacci, which is expected to act as a major support today.
