Over the last few weeks the AUD/USD currency pair has shown a high volatility on the Forex market and has passed on average 250-300 points per day. This is a very high rate for the given currency pair.
Followed by all other main currencies the Aussie unit has exhibited a decrease against the US dollar. However, at present the price has strengthened and has almost reached the level of 0.7500.
At the moment on the graph a side of the triangle is formed and the price is approaching the upper boundary. The breaking of the upper boundary and consolidation of the prices above that level will serve as a signal to buy.
Nevertheless, the strength of the bearish movement is high and a rebound from the level is expected.
The RSI indicator is located in the central zone and currently does not provide any essential signals.
The Next Few Days
From our point of view we expect a continuation of the Aussie's decrease - it could retreat to its nearest support levels at 0.7360 and 0.7330. You can open short with the rebound from the resistance line at 0.7600 with target points of profit-taking at 0.7380 and 0.7350. In addition to technical analysis, you should also consider fundamentals - stay current with the event and note the times of important announcements.