AUDUSD reversed from the key juncture and confluence of multiple technical levels I mentioned in my prior chart analysis. The 200-days SMA and a main horizontal resistance area (shaded on the chart).
The downside reversal has been significant but continues to maintain the same behavior of sharp upside and downside waves we have seen since point B. The breakout below the rising trend line and the trend structure of lower highs and lows is technically bearish. Thus we could see a retest of point 2 at 0.7170, then point B at 0.7106.
Upside pullbacks face 0.7270-0.7290 as a key resistance. If broken, look for a retest of 0.7370