AUDUSD Downside bias
The Australian dollar has a negative intraday bias against the US dollar, following last weeks bearish breakout under a large symmetrical triangle pattern. According to technical analysis, the AUDUSD pair could be headed towards the 0.7500 area over the coming days. Traders may use any price pullbacks towards the triangle, around the 0.7680 area, as a selling opportunity this week.
The AUDUSD pair is only bearish while trading below the 0.7660 level, key support is found at the 0.7600 and 0.7550 levels.
The AUDUSD pair is only bullish while trading above the 0.7660 level, key resistance is found at the 0.7700 and 0.7735 levels.