AUD/USD: crucial level unlikely to be crossed for breakout - UOB

United Overseas Bank made some technical forecast for AUD/USD for the coming days stated that the price will unlikely cross 0.74 resistance from below to above because this resistance level is the crucial one:

• "The short-term AUD/USD strength tested 0.7360 (high of 0.7363) before its sharp drop to low of 0.7266 and the subsequent swing higher from the low."
  
• "Despite the strong rebound, the outlook for this pair is still considered as neutral. Any further AUD strength is still expected to encounter stiff resistance at 0.7400 but this is crucial level as a break could lead to acceleration higher."
  

As we see from the chart above - the price is located below 100 period SMA and below 200 period SMA for the bearish market condition with the ranging within 0.7388 key resistance and 0.6907 key support level. If the price breaks 0.6907 level from above to below so the primary bearish trend will be continuing; if the price breaks 0.7388 resistance level - we may see the bear market rally to be started on this pair.