AUD/USD is currently trading 0.16% lower to 0.7215 and appears to be heading below 0.7200. The intraday support levels are at 0.7188 and 0.7169. The near-term resistance areas are at 0.7251 and 0.7274.
The downwards wave appears to be extending below the 29 September low of 0.7169. The SMA-14 is indicating resistance at 0.7312 and the SMA-50 resistance line is at 0.7347. The RSI is at 34 and still away from an absolute oversold zone while the MACD continues indicating a further bearish trajectory. With the ongoing strength in the USD and the bearish indication from the technical indicators, the pair is likely to dip further which makes it ideal for selling entries around 0.7225 with a target of 0.7170 and a stop-loss at 0.7260.
