“¢ The pair held on to its heavily offered tone through the mid-European session and now seems to have entered a bearish consolidation phase below the 0.7300 handle.
“¢ The consolidative price action, in the context of today’s steep decline, constituted towards the formation of a bearish flag chart pattern on the shorter-term chart (15-min.)
“¢ Technical indicators in the mentioned chart have recovered from oversold territory but have not been able to gain any meaningful positive traction.
“¢ A fall below the flag support in the last hour now seems to have reinforced the bearish outlook and thus, opens room for further downside in the near-term.
AUD/USD 15-min. chart
Spot Rate: 0.7287
Daily High: 0.7355
Trend: Bearish
Resistance
R1: 0.7306 (10-day SMA)
R2: 0.7327 (100-period SMA H1)
R3: 0.7355 (current day swing high)
Support
S1: 0.7270 (horizontal level)
S2: 0.7238 (S1 weekly pivot-point)
S3: 0.7203 (near 20-month low set last Wednesday)
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