The AUD/USD pair fell to its lowest for the week on a worried RBA, as the Australian Central Bank expressed concerns over the strength of the Aussie. The pair seems to be finally poised to correct lower, particularly on a break below the 0.7500 figure, although the self strength of the Australian economy and the broad dollar's weakness suggests that the decline won't be as extended as the RBA pretends. Technically and for the short term, the 1 hour chart shows that the price remains near its daily low and well below a strongly bearish 20 SMA, whilst the technical indicators have turned flat within oversold territory. In the 4 hours chart, the price is well below a bearish 20 SMA, while the technical indicators have also lost downward potential, but remains near oversold territory with no signs of changing bias, maintaining the risk towards the downside.
Support levels: 0.7500 0.7460 0.7425
Resistance levels: 0.7540 0.7575 0.7620