FX.co ★ AUD/USD Update for March 29, 2022 - Potetnial for the bigger drop

Technical analysis:

AUD/USD has been trading sideways today at the price of 0.7480 but I see downside breakout most recently and potential for further drop.

Trading recommendation:

Due to the breakout of the mini bear flag in the background and the bigger breakout of rising channel, I see potential for downside movement.

Watch for potential selling opportunities on the rallies with the downside objectives at 0.7450 and 0.7375.

MACD is showing negative reading, which is good confirmation for further downside.

Resistance is set at 0.7540