FX.co ★ Trading plan for AUDUSD for June 14, 2022

Technical outlook:

AUDUSD continued its drop as bears registered lows around the 0.6880 level on Tuesday. The currency pair has slipped slightly below its Fibonacci 0.786 support of the recent upswing between 0.6830 and 0.7275, which is passing through the 0.6930 mark. Bulls will be inclined to hold prices above the initial support of 0.6830 to keep the near-term structure intact.

AUSUSD depicts a bullish scenario until 0.6830 remains intact. The lower degree upswing between 0.6830 and 0.7275 has retraced through 0.6880, just below the 78.6 level. If the above structure stays intact, bulls will be back in control soon, pushing the price through the 0.7450 level sooner than later. Watch out for a bullish reversal near the current levels to confirm.

AUDUSD is working on a larger degree bearish boundary between the 0.7660 and 0.6830 levels as seen here. The currency could be unfolding a countertrend rally through the 0.7450 mark before turning lower. On the flip side, a break above 0.7660 will confirm that the uptrend might have resumed as bulls take out major resistance.

Trading plan:

Potential rally through 0.7450 at least against 0.6800

Good luck!