Daily chart: In yesterday's session, the AUDUSD pair could not break the support at the 0.9664 level and continues to form the higher low pattern on that support. If the aussie breaks that support, it is expected to drop to the next support at the level of 0.9466 in the medium term. However, keep in mind that the period of consolidation in this pair can be extended by a few days due to extreme oversold levels shown by the MACD indicator on this chart. The Aussie continues below the 200 SMA, supporting a bearish outlook in the long term for this pair.
H4 chart: The AUDUSD pair could not form a lower high pattern and this has been confirmed with the formation of a fractal above the 0.9775 level. Now, this pair is approaching bearish trend line near the 0.9600 psychological level. If the Aussie breaks this trend line, it is expected to fall to support at the 0.9506 level, which is very possible because the Aussie has been making moves in low range, after having fallen in recent lateralized days. In this chart, the pair remains below the 200-day moving average and the MACD indicator is about to enter negative territory but remains very weak in positive territory. However, our bullish outlook will be invalidated if this pair breaks the resistance level 0.9825, which is expected to rise to the level of 0.9965.
H1 chart: In yesterday's session, the AUDUSD pair broke the support level at 0.9672 and fell to 0.9593 level, which made a bullish rebound to break the resistance levels at 0.9672 and 0.9718. At this level, formed a strong Point of Control (POC) offering resistance on the aussie and now is trying to break the support at the 0.9672 level again. It is possible to break that level and falling again to the support level at 0.9593. If the AUDUSD pair breaks that support, it is expected to fall to the level of 0.9474, which is not possible to see today's session, because this pair has already made very volatile movements this week and is too oversold on the bigger charts. The MACD indicator is in negative territory, supporting a bearish outlook on this pair.
Fundamental outlook: For today's session, we just have to be alert to the release of the Core Durable Goods Orders m/m in the United States at 12:30 GMT (Previous: -1.5% / Forecast: 0.6%). If the current reading is higher than the forecast, the AUDUSD pair could do bearish movements.
Trading recommendations for today: Based on the H1 chart, place SELL (short) orders only if the AUD/USD pair breaks with a bearish candlestick, the support level is at 0.9593, take profit is at 0.9500, and stop loss is at 0.9672. Place BUY (long) orders only if the AUD/USD pair breaks with a bullish candlestick, the resistance level is at 0.9753, take profit is at 0.9799, and stop loss is at 0.9718.