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The AUDUSD is threatening to break again the big psychological number 0.7000. However, the current bearish trend looks overextended and a bounce is the most likely scenario. The previous week low established at 0.7027 is our first level of support that the bulls need to defend ahead of the big round number 0.7000. The stochastic indicator is in neutral territory and no extreme readings are on the radar.
On the upside, the first level of resistance comes at the 0.7100 level. A daily break and a close above the resistance level 0.7100 can open the door for an extended retracement and a possible retest of the next resistance level that can be found at the 0.7200 level. Due to the holiday season there are no major risks events scheduled on the Australian economic calendar that can disrupt the market volatility.
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