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.
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
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.
