The AUDUSD pair is focused on the support of 0.7164 and the short-term trend of the Australian dollar against the US dollar is down. A break of support at 0.7164 marks the end of the correctional movement starting from 0.696 at the rate of 0.7660.
It can also be said that the long-term bearish rally started at 0.8006 and the pair could fall to the bottom of 0.696.
From the buyers’ point of view, breaking the resistance of 0.7342 is necessary to form a short-term price floor. Otherwise, the short-term AUDUSD trend will remain bearish.
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