The aussie is still broadly trading in a range, but there is a bearish bias on the 4-hr chart, which could indicate more downside to come.
The monthly pivot at 0.7712 is also placing a significant amount of resistance just above the exchange rate’s current position, which is also a factor in placing additional downwards pressure on the pair.
A break below the key 0.7688 hourly peak-and-trough lows could usher in a more bearish environment, and lead to a move down, probably to around the 0.7658 level, and then even perhaps down to the range lows.
Alternatively, given the longer-term down-trend, confirmation of the larger trend resuming would come from a break below the 0.7532 range lows, with a target then at the S2 monthly pivot at 0.7448.
The aussie is still broadly trading in a range, but there is a bearish bias on the 4-hr chart, which could indicate more downside to come.
The monthly pivot at 0.7712 is also placing a significant amount of resistance just above the exchange rate’s current position, which is also a factor in placing additional downwards pressure on the pair.
A break below the key 0.7688 hourly peak-and-trough lows could usher in a more bearish environment, and lead to a move down, probably to around the 0.7658 level, and then even perhaps down to the range lows.
Alternatively, given the longer-term down-trend, confirmation of the larger trend resuming would come from a break below the 0.7532 range lows, with a target then at the S2 monthly pivot at 0.7448.