AUD/USD: Australian dollar is under pressure; critical resistance at 0.72990

What is going on now with AUD/USD?

AUD/USD: The Australian dollar reversed at 0.72105 as indicated in yesterday's update and took out all my estimated targets at 0.72365, 0.72520, 0.72600, and 0.72990 before pulling back in this mornings session. The Australian dollar has been drifting down looking for support since reaching 0.72990.

Our forecast

AUD/USD: The Australian dollar currently trades at 0.72763 and looks exhausted. The pair currently indicates a potential reverse signal to the downside. The Australian dollar could pull back to 0.72520 and 0.72365 if it fails to break out at 0.72990. The pair needs to break and maintain above 0.72990 to continue to the upside.  

Support/ Short - 0.72600, 0.72520, 0.72365, and 0.72105

Resistance/ Long - 0.72990, 0.73223, 0.73345, and 0.73535

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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