The Australian dollar dropped on Monday and the AUDUSD pair was down 0.4% during the London session, changing hands near 0.72 as the greenback rose broadly during the Asian session.
Bulls failed to hold the Australian dollar above the second bearish trend line and the AUDUSD pair returned back below this resistance, which switched the short-term outlook to more bearish. The resistance for today’s trading therefore stands near 0.7225 and if broken, the Aussie could rise toward the current cycle highs at 0.73.
On the downside, the support could be seen around 0.7180 and if not held, the AUDUSD pair could deteriorate to the first broken bearish trend line, which is currently at around 0.7140.
There is a bullish divergence on the daily chart between the price and the RSI indicator, which has helped bulls to push the pair higher, however, it would appear that this divergence may be cancelled if the pair drops back to 0.7140.
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