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AUDUSD dropped through 0.6870 intraday lows during the European session on Thursday before finding some bids. The currency pair is seen to be trading close to the 0.6885 mark at this point in writing and is expected to stage an impressive rally past 0.7280, the initial resistance. Bulls would be poised to hold prices above 0.6830.
AUDUSD might be working on the recent larger degree downswing between 0.7660 and 0.6830. The Fibonacci 0.618 retracement of the above drop is seen around 0.7345 as projected on the daily chart here. The high probability remains for a bearish bounce if prices manage to reach there.
AUDUSD has recently carved a lower degree upswing between 0.6850 and 0.7070, which is being retraced now. Prices might be supported ahead of 0.6850 to keep the bullish structure intact. Traders might be preparing to add fresh long positions at around the current levels (0.6885) against 0.6830.
Potential rally through 0.7345 at least against 0.6800
Good luck!
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