AUD/USD Technical Analysis: Corrective rally has likely ended
|- The AUD/USD hourly chart shows head-and-shoulders breakdown, which indicates the corrective rally from the Aug. 15 low of 0.7202 has ended at 0.7382 and could yield a drop to 0.7276 (target as per the measured height method).
- The spot has also found acceptance under the key 100-hour moving average (MA) support.
- The Aussie dollar has taken a beating in Asia, courtesy of the domestic political uncertainty.
Hourly chart
Spot Rate: 0.7308
Daily High: 0.7355
Daily Low: 0.7306
Trend: Bearish
R1: 0.7325 (100-hour MA)
R2: 0.7366 (right shoulder high)
R3: 0.7382 (session high)
Support
S1: 0.7291 (200-hour MA)
S2: 0.7271 (61.8% Fib R of 0.7202/0.7382)
S3: 0.7251 (support as per the hourly chart)
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