FX.co ★ Technical analysis of AUD/USD for July 31, 2014

Technical outlook and chart setups:

1. The AUD/USD pair has confirmed further downside extensions after breaking below the 0.9320 levels. As seen here, the immediate resistance is around the 0.9370 levels and extends through the 0.9400 levels. Currently, the recommended strategy is selling the rally.

2. Support is seen at 0.9300 (interim), followed by 0.9220/30 and lower while resistance is seen at 0.9400/10, followed by 0.9460/70 and higher respectively.

3. The structure indicates that AUD/USD should pullback at least towards 0.9370 levels and up to 0.9400 levels.

Trading recommendations:

Remain flat for now. Look to sell between 0.9370 and 0.9400.

Good luck!