Technical outlook:

The hourly chart been presented here for a short-term trading setup for AUD/USD. Please note that the AUD/USD pair is trading at the levels of 0.7047/50 now, after making fresh lows close to the 0.7020 levels yesterday. Believe it or not, looking at the divergence (not shown here) scenario, bulls should break above the resistance trend line as demonstrated here. A trade setup could be confirmed when the prices break above the resistance trend line and the immediate price resistance seen at the 0.7080 levels as depicted on the chart. After the breakout of the resistance, a pullback lower is expected at the back side of the resistance turned support trend line, before initiating long positions. On the flip side, if the prices drop further below the 0.7020 levels, we will have to wait for a bullish confirmation before opening long positions.

Trading plan:

Stay flat for now.

Good luck!