0.7500 was taken out in the overnight gap and we look like we're confirming the move lower
The 0.7500/32 levels were important last week and I wrote that if we got a break then we could see a decent move south. Although the gap down has done the job we've almost got to ignore it in the context of where the market is now that liquidity is stronger
AUDUSD H4 chart
Resistance following the main break of 0.7532 is appearing around 0.7520/25 and we've been pivoting around the 0.7500 area. Support on the gap down came in at an area I highlighted on Friday around 0.7450/65, and this is going to be a support point once again if we move lower
I took a small short first thing this morning 0.7496 when we were struggling to get back above 0.7500, and I've got a stop a bit higher than the 0.7530 level
I'm looking for at least a move down to the 0.7270 where I might take some off, depending on how it goes. Ultimately I'm looking to take profit against the Apr 2001 support line
AUDUSD weekly chart
The Greek news is a lot of noise so we have to pick through what is real and what is Greece. However, technically speaking the break is on while 0.7530/35 holds as resistance