The AUD/USD pair has been trading sideways since the 24th of May 2016, with the price trading in a broad range between the levels of 0.7299 and 0.7150.
The major rose significantly on Wednesday reaching the high of 0.7299, but subsequently corrected lower, ending the day at 0.7258. Today, the pair fell sharply hitting the session low of 0.7200, following the release of the ADP report on the U.S. private sector employment that came as expected.
In the event that the pair pushes even lower, the price could find support at 0.7180 and 0.7150 respectively.
Alternatively, in the scenario where the price breaks above 0.7250, the pair could rise up to 0.7262 and 0.7299 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.