We observe on AUDUSD chart that there is a growing supply pressure. Yesterday’s session created Inside Bar formation and today we can see break out of it. Strong support is located near psychological level at 0.7350.
It is worth looking at a chart with lower time frame.
Price of this pair on H1 is around resistance 0.7450. The last test of the aforementioned area led to creation of a new lower low. This area also coincides with descending band of averages EMA (75-, 100-period). Bearish reaction is likely to lead to increasing supply pressure and declines to around 0.7400 level. Breaking this zone may lead to a resumption of resistance test on a psychological level of 0.7500
