AUD/USD plunged following the unexpectedly low Australian CPI readings for Q1, breaking below the crossroad of the 0.7685 (R1) support (now turned into resistance) area and the upward black support line taken from the lows of the 1st of March. The break below the aforementioned levels has shifted the near-term bias to the downside and support the case that the corrective move that started on the 21st of March has further room to go. A clear break below the 0.7620 (S1) could carry larger bearish implications and perhaps push the rate towards our next support of 0.7500 (S2). Our short-term momentum indicators support this notion. The RSI found resistance at its 50 line and declined, while the MACD, already negative, has topped and fell below its trigger line again. On the daily chart, I see that on the 4th of March, the rate emerged above the sideways range it had been trading since mid-July. Therefore, I see an overall positive medium-term picture.