Red rectangle- resistance
Green rectangle- support
Green lines -Fibonacci retracement levels
AUDUSD is trading around 0.6727. Short-term trend remains bullish as price has not broken the sequence of higher highs and higher lows. Price has made a double top so far around 0.6795 and each pull back has formed higher lows. The green rectangle shows the important short-term support at 0.6645 and as long as price is above this level, bulls have hopes for a move above the resistance of 0.6795. Another rejection at 0.6795 would be a sign of weakness. A break below 0.6645 on the other hand would be a bearish signal. If price breaks below support, we should then expect AUDUSD to continue lower towards the 50% Fibonacci retracement level at least.
