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Technical analysis for the AUD/USD, the pair broke below ascending wedge on the daily chart, extending the pullback on the weekly chart and starting a bearish run on the daily chart. The first target for the bearish run on the daily chart is the 1.272 FIB extension at 0.7160, where we have the low at 0.7165. If the price of AUD/USD breaks below 0.7160 that will open the door for a bearish run toward the 1.618 FIB extension at 0.7070.
A break below 0.7070 will send the pair lower for a retest of the previous low on the weekly chart at 0.6967. And if the AUD/USD breaks below 0.6967, that will resume the bearish wave on the weekly chart and send the price lower toward the 1.618 FIB extension on the weekly chart at 0.6755, where we have the 0.500 FIB retracement on the monthly chart.
The resistance zone between 0.7440-90 is key resistance, and if the AUD/USD breaks above it, that will signal the resumption of the bullish wave on the monthly chart.
Daily chart:
Weekly chart:
