The AUD/USD pair has been oscillating between the levels of 0.7154 and 0.7088, since the 12th of November 2015.
During the course of the session on Friday, the currency pair advanced up to 0.7158 to finish lower at 0.7129. Today, the pair went back and forth to reach 0.7088 at the time of writing. Taking into consideration that there is much support below 0.7072, the pair could be forced to bounce back up. A possible break above 0.7118 would indicate the presence of buyers that could send the pair higher up to 0.7126 and 0.7154 in extension.
Alternatively, in the scenario where the bears keep exerting strong downward pressures and the price breaks below 0.7072, the currency price could reach 0.7048 and 0.7021 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.