On 4-hour chart, AUD/USD is correcting down from the upper line of the Bollinger Bands.
The instrument is now testing the support level of 0.7751 (Murray [8/8]).
Breakdown of the level 0.7751 will let AUD/USD fall to the level of 0.7736 (Murray [4/8]), which is the main target of current downward correction.
There is a chance of an upward rebound, while the breakdown of the level 0.7736 would allow the fall to continue to the area of 0.7705 (Murray [5/8]).
The upward trend will be restored after the price is set above the level of 0.7782.
In this case, the next targets of buyers will be the levels of 0.7803, 0.7848.
Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.
Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.
MACD histogram is in the positive zone keeping a signal for the opening of buy positions.
Bollinger Bands are converging, reflecting the development of the current downward trend.
Support and resistance
Support levels: 0.7751, 0.7720, 0.7705.
Resistance levels: 0.7782, 0.7803, 0.7848.
Short positions can be opened below the level of 0.7736 with the target at around 0.7705-0.7675 and stop-loss 0.7756.
Long positions can be opened above the level of 0.7782 with the target at around 0.7803-0.7848 and stop-loss 0.7760.