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Technical outlook:
AUD/USD is seen to be trading lower at around 0.6863 levels at this point in writing and could be forming a bottom soon around 0.6810 before resuming rally. The overall structure remains bullish since AUD/USD formed a major low at 0.6668 in October 2019. Since then, bulls have managed to print a series of higher highs and higher lows, breaking above the dropping trend line resistance and reaching up to 0.7031 levels. Furthermore, it has back tested the resistance turned support trend line at 0.6849 and seems to be testing again, before resuming a rally. In case prices drop below 0.6849, the next in line support comes in at 0.6810 levels, which is also fibonacci 0.618 retracement of the entire rally between 0.6668 and 0.7031 respectively. Please note that bulls should remain poised to push through resistance at 0.7082 before producing any meaningful correction lower. Besides note that trend line support is accompanied by fibonacci convergence around 0.6810/15 levels, hence probability remains high for a bullish reversal if prices manage to reach there.
Trading plan:
Remain long, stop below 0.6668, target 0.7200.
Good luck!
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