The AUD/USD pair has been moving upwards since the 30th of November 2015, with the bulls leading the price from as low as 0.7170 to as high as 0.7341.
Yesterday, the pair rallied from 0.7221 up to 0.7334. Today, the market went back and forth, reaching the high of 0.7334 to retrace and trade at 0.7314 at the time of writing. Taking into consideration that there is significant resistance above the level of 0.7341, the price could be forced to correct to the downside. In the event that the price breaks below 0.7270, the pair could decelerate down to 0.7251 and 0.7232 in extension.
Conversely, in the scenario where the buyers resume their upward pressures and the price breaks above 0.7352, the pair could escalate up to 0.7462.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.