FX.co ★ AUD/USD Update for August 19, 2021 - First downside target reached and potetnial for second target

Technical analysis:

AUD/USD has been trading downside as I expected. AUD/USD has been reached first downside target at 0,7230. I still see strong supply and potential for even further drop towards 0,7050.

Trading recommendation:

Due to strong supply in the background and the breakout mode, watch for the selling opportunities on the rallies with the downside target at 0,7050.

Stochastic is on extreme reading but with no evidence for the reversal...

Resistance is set at the price of 0,7315