There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
AUD/USD targets 0.7744 after a rebound
Aussie has started to correct the rally from July 28th and it's now heading to test the demand zone established between 0.7644 and 0.7623 levels. Around that zone, we might expect a big rebound to take place, targeting the short-term level of 0.7744, which corresponds to the -23.6% Fibonacci retracement level from such area mentioned above. To invalidate this scenario, AUD/USD should break below 0.7605 and the 200 SMA at H1 chart, which should open the doors to test the 0.7576 level.
RSI indicator is pointing to the upside, favoring the bullish bias in the pair.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.