The pair broke below the previous daily low, extending the daily pullback to an ABC pullback. The price is sitting on the 0.386 FIB retracement and on ascending trend line on the weekly chart. The focus is now on the support at 0.7550-60, if the price break below that, it will be a signal for further downside toward 0.7500, next 0.7430, and eventually 0.7320.
On the other hand, if the pair breaks back above 0.7840 it will resume the bullish daily trend and send the price toward the previous high at 0.8007.
Review our technical analysis for AUD/USD pair for 2021 targets.