The AUD/USD pair has been trending downwards since the 4th of February 2016, with the bears leading the price from as high as 0.7242 to as low as 0.6973.
On Tuesday, the pair advanced from as low as 0.6973 to as high as 0.7096. In the event that the buyers attempt to move higher and break above 0.7108, the pair could reach 0.7140 and 0.7178 in extension.
Conversely, in the scenario where they find the 0.7080 level to be too resistive, the price could be forced lower. If the price breaks successfully below 0.7058, the pair could decelerate down to 0.7001 and 0.6973 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.