The AUD/USD has been moving lower since the 13th of January 2016, with the bearish pressures noticed from as high as 0.7047 to as low as 0.6864.
On Thursday, the pair initially attempted a bounce to the upside, but failed to do so and fell lower, before attempting another bounce up, to reach the daily highs of 0.6995. Today, the pair fell significantly, testing the 0.69 handle, before stabilising at 0.6887. In the event that the sellers resume their activities, the pair could reach 0.6864 and 0.6853 respectively.
On the flip side, in the scenario where the price attempts another retracement to the upside and manages to successfully break above 0.6956, the pair could escalate up to 0.6987 and 0.7047 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.