Failure to hold 0.7130 break presently drags the AUD/USD pair to 0.7090 ahead of European open on Monday.
While 23.6% Fibonacci retracement of its January 31 to March 08 decline at 0.7070 is likely immediate support, pair’s further south-run could be challenged by the 0.7055/50 region that comprising multiple lows marked during February, March and in the present month as well.
If at all sellers refrain from respecting 0.7050 support, 0.7020 and March low near 0.7000 can lure them.
Meanwhile, 0.7130 is likely immediate resistance for the pair, a break of which highlights seven-week-old descending trend-line around 0.7145/50.
Should prices manage to clear 0.7150 resistance, break of the short-term descending triangle also gets confirmed, which in turn could further propel the quote in the direction to March month high near 0.7170 and then to the late-February month tops near 0.7210.
Moreover, pair’s successful trading beyond 0.7210 enables it to question the strength of 0.7270 and 0.7300 during further upside.
AUD/USD 4-Hour chart
Trend: Bearish
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