Technical outlook and chart setups:
1. The AUD/USD pair is facing resistance around 0.9300 levels as seen here. The pair is putting up a bearish trade signal here, which indicated that bears may resume lower from here. Also, the past support turned resistance is around 0.9300 levels as seen here. Recommendations are to initiate short positions here (0.9232), risk remains at 0.9450 for now.
2. Immediate resistance is at 0.9450, followed by 0.9550 and 0.9750 while supports are spread through 0.9150, followed by 0.9000 and lower.
3. The structure indicated that bears might resume lower towards 0.8000 levels soon. The weekly setup indicates that prices would form bottom around 0.7950/0.8000 levels before the uptrend resumes.
Trading recommendations:
Short now, stop is at 0.9450, target is open.
Good luck!
