AUD/USD to form a double bottom on a rally above 0.7315 to target 0.76 – BofA

AUD/USD could form a double bottom if the pair climbs above 0.7315. Otherwise, a decline below 0.7000 would reaffirm the bearish trend, according to analysts at Bank of America.

Bearish trend to follow through on another dip below 0.70

"The 0.7000 level has proven hard to decisively break through and now it's possible a double bottom pattern is forming since two attempts to break down have failed.”

“To form a double bottom, the pair must rally above 0.7315 to target 0.76-.7630.” 

“Another decline below 0.7000 would mean the medium-term bearish view is following through.”