AUD/USD: SG bank advises selling in case of break below 0.7330, details its short term objectives

In a note published today, the SG bank believes that the AUD/USD will have to confirm a break below the threshold of 0.7330 tested yesterday for the decline to resume:

In the event of a confirmed break below 0.7330, we can target the next support levels at 0.7260, 0.7150/0.7060 and 0.71.

However, daily indicators diverge, and the threshold of 0.7330 is an important medium term support level, which could suggest consolidation.

If a short position is opened, we suggest a stop at 0.74."