AUD/USD: Australian dollar could fall to 0.72075
|AUD/USD: Australian dollar could fall to 0.72075
What is going on now with AUD/USD?
AUD/USD: The Australian dollar consolidated above its 500 EMA at 0.72605 during this mornings session but failed to retain its position and fell to 0.72330 support. The pair has slipped below 0.72330 and now approaching 0.72330 support. The pair could continue down to 0.72170 and 0.72075 if it fails at 0.72230 support.
Our forecast
AUD/USD: The Australian dollar has breached a major support at 0.72330 and is now trading at 0.72230 support. The next significant support is estimated at 0.72075. The pair could continue down to 0.72075 if it fails at 0.72170.
Support/short target - 0.72230, 0.72170, and 0.72075
Resistance/Long Target-0.72330, 0.72530, 0.72605, and 0.72775
Chart 1: The short-term view of the AUD/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the AUD/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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