According to Karen Jones, Analyst at Commerzbank, the AUD/USD pair is bouncing from the 2016-2107 uptrend at .7500, which if broken would introduce scope to the 2000-2017 support line at .7072.
Key quotes:
"No change AUD/USD has sold off to and continues to sit on the uptrend, which today is located at .7506. We note the 13 count on the daily chart and the divergence of the RSI and look for a near term rebound. The market has strong support in this vicinity – namely the 2016-2017 uptrend line and double Fibonacci retracement at .7500-.7475 (50% retracement of the move up from the 2016 low AND the 78.6% retracement of the move seen from May 2017)."
"At this point only a close above .7645, last week’s high and the .7691/92 55 and 200 day moving averages will alleviate downside pressure."
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