Current AUD/USD Bottom. 0.7513 and achieves bottom by breaks at 0.7532 and 0.7521.
Most important 0.7550 to 0.7553. Above 0.7551 then 0.7553 becomes the break point. Below 0.7551 then 0.7552 becomes the break point. Overall 0.7550 to 0.7553 is most vital to determine next prices. Above 0.7553 then AUD goes higher.
While 0.7513 is current intraday bottom, solid supports exist at 0.7503 and 0.7500. The point at 0.7500 is 100 day average while 0.7503 is line to break to see a further and deeper downtrend. Next below 0.7500 is 0.7481 and 0.7468. AUD will struggle at 0.7450 to 0.7470 as oversold becomes reality.
Current big break point above 0.7550 is intra day 0.7584. The top target is 0.7595 on break of 0.7584. To go higher then 0.7557 must break for a shot to 0.7584. What begins a solid uptrend is break higher at 0.7602 and AUD could see upper 0.7670’s easily before overbought conditions takes over.
As I write before the Friday close, ultimately for higher AUD next, I want to see a close above 0.7553. As it stands, solid supports exist at 0.7513, 0.7503 and 0.7500. Above 0.7553, 0.7584, 0.7603.
Brian Twomey, Inside the Currency Market, btwomey.com