AUD/USD Price Analysis: Targets 0.7650 amid triangle breakdown

AUD/USD drops amid cautious market mood, ignore UK-Aussie trade deal.
The spot charts a downside breakout from a triangle formation.
Bearish RSI backs a decline towards 0.7650, as 0.7700 caves in.

Dhwani Mehta FXStreet

AUD/USD is back in the range, testing the range lows near the 0.7690 region, as the bears look to regain complete control amid a cautious risk tone.

From the short-term technical perspective, the aussie has confirmed a triangle breakdown in the last hour following a sustained close below the rising trendline support at 0.7696.

The next bearish target appears at the psychological 0.7650 barrier, below which the June 3 low of 0.7644 could be retested.

The hourly Relative Strength Index (RSI) points south below the midline, allowing more room for declines.

AUD/USD hourly chart

On the other hand, the bulls need to recapture the triangle support now resistance, in order to embark upon any meaningful recovery.

Further up, the bearish 21-Simple Moving Average (SMA) at 0.7708 will test the conviction of the bullish traders.

AUD/USD additional levels to watch

AUD/USD

Overview
Today last price	0.7689
Today Daily Change	-0.0023
Today Daily Change %	-0.30
Today daily open	0.7712

Trends
Daily SMA20	0.7738
Daily SMA50	0.7736
Daily SMA100	0.7727
Daily SMA200	0.7548

Levels
Previous Daily High	0.7727
Previous Daily Low	0.7692
Previous Weekly High	0.7794
Previous Weekly Low	0.7687
Previous Monthly High	0.7892
Previous Monthly Low	0.7674
Daily Fibonacci 38.2%	0.7714
Daily Fibonacci 61.8%	0.7706
Daily Pivot Point S1	0.7694
Daily Pivot Point S2	0.7676
Daily Pivot Point S3	0.7659
Daily Pivot Point R1	0.7728
Daily Pivot Point R2	0.7745
Daily Pivot Point R3	0.7763

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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