Overview :
The AUD/USD pair technical analysis :
Correction from the top 0.7821 is still in advance. Deeper fall would be seen to double top of 0.7821 to 0.7600 (38.2% Fibonacci retracement).
The AUD/USD pair fell from the level of 0.7821 to bottom at 0.7600 yesterday. Today, the AUD/USD pair has faced strong support at the level of AUD/USD.
So, the strong support has been already faced at the level of AUD/USD and the pair is likely to try to approach it in order to test it again and form a double bottom.
Strong support (0.7600) should be seen around there to bring rebound.
The price spot of 0.7600 - 0.7547 remains a significant support zone. Therefore, there is a possibility that the AUD/USD pair will move to the upside again, and the scaling structure will not look corrective.
On the upside, as long as the trend sets above the level of 0.7600, it will argue that the correction has completed. Intraday bias will be turned back to the upside for retesting 0.7684 high.
The AUD/USD pair is continuing to trade in a bullish trend from the new support level of 0.7600; to form a bullish channel. Medium term rally is expected to continue as long as 0.7600 resistance turned support holds.
According to the previous events, we expect the pair to move between 0.7600 and 0.7821. Also, it should be noted major resistance is seen at 0.7821, while immediate resistance is found at 0.7684.
Then, we may anticipate potential testing of 0.7684 to take place soon.
Moreover, if the pair succeeds in passing through the level of 0.7684, the market will indicate a bullish opportunity above the level of 0.7600.
A breakout of that target will move the pair further upwards to tragets of 0.7684, 0.7742 and 0.7821.
Forecast :
Buy orders are recommended above the area of 0.7600 - 0.7545 with the first target at the level of 0.7684; and continue towards 0.7821 (the last bullish wave, top point). On the other hand, if the AUD/USD pair fails to break out through the resistance level of 0.7684; the market will decline further to the level of 0.7663 (daily support 2).