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Overview:
The AUD/USD pair is trading below its pivot point (0.6719). It is likely to trade in a lower range as long as it remains below the pivot point.
The AUD/USD pair continues to move downwards from the level of 0.6775, which represents the double top in the H1 chart. The pair dropped from the level of 0.6775 to the bottom around 0.6663.
Today, the first resistance level is seen at 0.6775 followed by 0.6800, while daily support is seen at the levels of 0.6689 and 0.6655. According to the previous events, the AUD/USD pair is still trapping between the levels of 0.6655 and 0.6775.
We expect a range of 120 pips in coming hours. The first resistance stands at 0.6775, for that if the AUD/USD pair fails to break through the resistance level of 0.6775, the market will decline further to 0.6689.
This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs.
The pair is expected to drop lower towards at least 0.6689 in order to test the second support (0.6655). Short positions are recommended with the first target at 0.6689.
A break of that target will move the pair further downwards to 0.6655.
On the other hand, if a breakout takes place at the resistance level of 0.6820 (the double top), then this scenario may become invalidated.
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