What happened in the last 24 hours of trading
AUD/USD: The Australian dollar broke through 0.74351 to the upside as indicated in yesterday's update but the success was short-lived after failing to maintain trading activities above 0.74477 support. The pair fell to 0.74303 support but could not hold on and continued its downtrend to 0.74148 support. The final descent occurred when the pair crashed through its 500 EMA and then it was a freefall all the way to 0.73680 support.
What is going on now
AUD/USD: The Australian dollar is currently trading at 0.73708 just a few ticks above 0.73680 support and is looking for support around this price level. The pair needs to stay above 0.73680 to stop the bleeding. If it fails then it could continue further down to around 0.73563 to 0.73500 support.
My thoughts on what may happen
1. AUD/USD: The Australian dollar has taken a significant hit in the last 24 hours and has reached some critical technical price level which I think may consolidate around 0.73680 and 0.73623 before making a move to the upside. If it falls below 0.73623 then it could head further down to 0.73563 and 0.73500 support.
2. AUD/USD: The pair will need to break and hold above 0.73780 to continue to its first target at around 0.73297.
3. Current support - 0.73680, 0.73623, 0.73563, 0.73500
4. Resistance - 0.73780, 0.73850, 0.73927
5. It is a good practice to apply a stop loss to your trades to protect your capital in case the market moves against your position.
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