Technical outlook and chart setups:
The AUD/USD pair reversed from the sub-level of 0.7400 last week trying to find interim support at 0.7080 levels. Please note that the level of 0.7080 is at Fibonacci convergence as shown here, and it could prove a major infliction point. A bullish bounce there could reverse the trend and bring bulls back into play again. On the flip side, the pair could drift all the way lower to 0.6900. It is hence recommended to remain flat for now and watch for a reaction at 0.7080. Immediate support is seen at 0.7080 while resistance is seen at 0.7300.
Stay flat, watch out around 0.7080.
The material has been provided by InstaForex Company – www.instaforex.com