The AUDUSD is very undecided around the 0.7073 level, with some volatility, but no clear direction. The 0.7100 level could still act as resistance and to the downside, the 0.7000 level could act as support.
AUDUSD broke below 0.7048 support, suggesting that the short term uptrend from 0.7003 had completed at 0.7097 already. Another fall could be expected and next target would be at 0.7000 area. Resistance is at 0.7097, only a break of this level could trigger another rise towards 0.7170.
Buy opportunity in AUD/USD if breakout above 0.7108
Considering the quote move since 1st February, there is a falling wedge pattern in AUD USD. If it manages to hold above 0.7108 in the daily chart, then you can go long in the next candle with stop loss below today’s closing. The pair has target at 0.7150, followed by 0.7200.
Entry Above: 0.7108
Target: 0.7150, 0.7200
Stop Loss: Below today’s closing