Technical outlook:
AUDUSD dropped through 0.6900 on Friday after reversing from its recent highs registered at around 0.7070. The currency pair is seen to be trading at around the 0.6950 mark at this point in writing and is expected to resume higher towards 0.7400 at least. Bulls will remain inclined to hold prices above 0.6830 swing lows registered recently.
AUDUSD has been carving a larger degree corrective wave since the 0.8000 highs. The corrective phase might be either complete at around 0.6830 or could print yet another low after a pullback through 0.7400. Until prices stay above the 0.6830 mark, the probability remains for a rally towards 0.7400 at least.
AUDUSD is facing resistance at around 0.7660 as labelled on the daily chart presented. If the bulls manage to push beyond 0.7660, it will confirm they are back in control and that the trend has reversed. Traders might be inclined to hold long positions against 0.6800 in the near term.
Trading plan:
Potential rally towards 0.7400 against 0.6800
Good luck!
