AUD/USD continued its drop on Monday as bears hit fresh swing lows around the 0.6970 mark. The currency pair seems close to carving a bottom of its corrective wave, which began from close to 0.7280. Bulls will try to hold prices above the 0.6830 mark to keep the short-term structure constructive.
AUD/USD has dropped just below the Fibonacci 0.618 retracement of its recent upswing between 0.6830 and 0.7280 levels. Ideally, prices should find support around current levels and head towards 0.7560 at least in the next few trading sessions. Bulls are looking poised to come back in control ahead of 0.6830.
AUD/USD is presenting a bullish scenario over the larger degree as well since its corrective drop from the 0.8000 high has terminated close to 0.6830 recently. If the above structure holds well, the next rally should ideally push prices above 0.7660 resistance and confirm a major trend reversal. The rally may resume from current levels, 0.6970.
Trading plan:Potential rally through 0.7550 against 0.6800
Good luck!