AUDUSD short view

On the daily time frame, we see that the pair encounters support slightly above 0.75000 but that the upper side is still under pressure from moving averages MA20, EMA20 that have dropped below MA50. When we set the Fibonacci retracement level, we see that it is very likely that the pair will drop to 23.6% Fibonacci level where the support of MA200 and EMA200 is waiting for us. For the bullish scenario, we need a break above the moving averages again to look at 0.8000, otherwise, for a stronger bearish scenario, we need a break below MA and 23.6% Fibonacci levels, and then we look towards 0.7000.