Technical outlook:
AUDUSD rose above the 0.6960 highs intraday on Monday before finding resistance and reversed sharply lower to close the day at around 0.6920. The currency pair is seen to be trading sideways at around 0.6920 at this point in writing and is expected to resume its rally soon towards 0.7275 at least.
AUDUSD has been dropping since February 2021 after printing highs at around 0.8000 as seen on the daily chart here. The entire drop between 0.8000 and 0.6830 might be complete and the pair could be into its last wave lower. If the correction is complete, bulls will remain poised to come back in control and push through the 0.7660 resistance.
Alternatively, AUDUSD might still be working on the corrective drop and rally up to 0.7350 before reversing lower again. Either way, traders might be preparing for a corrective rally towards 0.7350 at least from the current price. The bottom line remains that prices should stay above 0.6830 to keep the above bullish structure intact.
Trading plan:
Potential rally through 0.7350 against 0.6800
Good luck!
