Tatiana Norkina, FBS analyst
The AUD/USD currency pair fall has ended in the 74th figure area, although the bears formed a new low at the 0.7370 mark yesterday. Right after that, the pair began to correct and has already won back half of the week's decline today, returning to the 0.7470 area.
However, the downtrend remains relevant. First of all, the Ichimoku cloud has expanded significantly downwards. Second, the dead cross is active and the Tenkan and Kijun lines are set for further decrease.
Therefore, the pair might bounce of Kijun-sen and go back to the recent lows in the near future.
Technical levels: support – 0.7400, 0.7370; resistance – 0.7470, 0.7500.
1. Sell — 0.7470; SL — 0.7500; TP1 — 0.7400; TP2 — 0.7370.