AUD/USD Technical Analysis: Corrective rally has likely ended

• The AUD/USD hourly chart shows head-and-shoulders breakdown, which indicates the corrective rally from the Aug. 15 low of 0.7202 has ended at 0.7382 and could yield a drop to 0.7276 (target as per the measured height method).
• The spot has also found acceptance under the key 100-hour moving average (MA) support.
• The Aussie dollar has taken a beating in Asia, courtesy of the domestic political uncertainty.

Hourly chart

Spot Rate: 0.7308

Daily High: 0.7355

Daily Low: 0.7306

Trend: Bearish

Resistance

R1: 0.7325 (100-hour MA)

R2: 0.7366 (right shoulder high)

R3: 0.7382 (session high)

Support

S1: 0.7291 (200-hour MA)

S2: 0.7271 (61.8% Fib R of 0.7202/0.7382)

S3: 0.7251 (support as per the hourly chart)