Best Selling Zones for the Australian Dollar on the Daily Timeframe

The Australian Dollar/US Dollar pair is currently moving in a corrective upward trend on the daily timeframe after the recent downward wave. The pair is expected to target newly formed supply zones.

These supply zones are considered among the best expected selling points for the Australian Dollar/US Dollar pair, and they could potentially trigger a renewed downward move.

Expected Targets

If the identified supply zones around 0.70300 are tested, we can expect a renewed decline targeting 0.6990 and 0.6930, respectively.

We may need to wait for bearish price action on lower timeframes, such as the 4-hour or 1-hour charts, to confirm this before entering a buy position.

This analysis will be invalidated if the supply zones are broken and the price closes above them with a daily candle.