AUDUSD Key Levels

As you see in the chart, the main trend is bearish and price is in the correction phase.

There is a resistance zone around 0.7220 (red color), and price is pushed to the downside after touching it.

Currently, price is bouncing between SR levels (0.7090 - 0.7180), and is approaching to the resistance zone at 0.7180 (yellow color) to retest.

Since we are in a downtrend, if price got rejected from the yellow resistance zone and there was any bearish confirmation signal in lower time frames like m30 or m15 (for example: double top, H&S, ...), we expect a drop to the support zone (yellow color) around 0.7090, and in the case of a downside breakout on this area, the next target would be around the next major low at 0.6996

On the other hand, there is another scenario in which we should consider the downtrend is ended and price is starting a new uptrend.

First of all, we need to wait for the breakout on the red resistance area and a bullish candle closure above this zone.

Then, if there was any bullish confirmation signal in the lower time frames, we can expect a rise for AUDUSD to the next high at 0.7280 and 0.7360