The AUD/USD pair has been trending downwards since the 31st of December 2015, with the price travelling from as high as 0.7327 to as low as 0.7133.
The pair fell aggressively on Monday, diving from the 0.73 handle all the way down to 0.7156. The market initially rose today, reaching 0.7214, to fall once again down to 0.7133. In the event that the sellers keep exerting heavy pressures and the price breaks below 0.7133, the pair could reach 0.7114 and 0.7088 respectively.
Conversely, in the scenario where the pair encounters enough support below 0.7133 and the price attempts a retracement to the upside after breaking above 0.7207, the pair could escalate up to 0.7229 and 0.7253 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.