Technical outlook:
AUDUSD has dropped through fresh intraday lows around 0.7050 on Friday. The currency pair still has some room until strong support comes in around the 0.7000 level. Bulls will be inclined to hold prices above the recent swing low at the 0.6830 mark to keep the structure encouraging for yet another rally towards 0.7550.
AUDUSD has carved a lower degree upswing between the 0.6953 and 0.7282 levels in the past few trading sessions. Furthermore, bulls have successfully shown themselves by breaking the initial resistance around the 0.7265 mark early this month. Prices are correcting lower since then before resuming the next leg higher through 0.7550 and further.
AUDUSD still has the potential to go close to the 0.6950 level, which is the Fibonacci 0.618 retracement of the recent upswing described earlier. It the structure unfolds accordingly, bulls will remain poised to be back in control and push through the projected targets. Watch out for the next resistance to be taken out around the 0.7660 mark going forward.
Trading plan:
Potential rally through 0.7550 against 0.6800
Good luck!
