Technical outlook and chart setups:
The AUD/USD pair dropped lower and tested recent lows at 0.6930/40 today before bouncing back sharply into the the area around 0.7000 as we can see here. A push through 0.7030/40 is now required to confirm that a meaningful low was formed, and prices could move towards the levels of 0.7540/50 in the days to come. It is hence recommended to remain long with risk around 0.6850. Immediate support is seen at the levels of 0.6900 followed by 0.6800/50 and lower, while resistance is seen at 0.7550 and higher.
Remain long with stop stop at 0.6850, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com