The AUD/USD originally generated a technical buy signal at 0.7228 on 22/2/16. At that point the technical outlook turned positive. The nominated upside technical target was located at 0.7850 (it reached a peak of 0.7834 on 21/4/16 before declining). As a result of the overnight decline, the support level located at 0.7520, that had underpinned the rally since mid-January 2016, has been broken. However this negative technical break does not suggest a further large downward move given there is significant major subsequent support located at 0.7385, as highlighted on the chart below.