AUD/USD TECHNICAL OUTLOOK: BEARISH
Aussie Greenback slumps after rebound loses steam beneath zero.69 determineSeptember backside just under zero.67 marking trend-defining assistInvaliding bearish bias requires clear break of 9-month resistance
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The Australian Greenback turned decrease towards its US counterpart after a spirited restoration misplaced momentum forward of the zero.69 determine. A minor draw back hurdle strains up at zero.6744 – the spike low from January – however the actual take a look at of sellers’ mettle will in all probability come on a problem of the zero.6677-90 assist shelf.
A break beneath this barrier – confirmed on a every day closing foundation – would counsel the subsequent substantive leg of the downtrend emanating from late-2018 highs is in progress. The following layer of quick assist is marked by the 38.2% Fibonacci growth at zero.6621.
On the topside, back-to-back resistance ranges start at zero.6832 and run as much as the September 12 excessive at zero.6895. Significant invalidation of the quick bearish bias in all probability wants a breach past the outer layer of 9-month development resistance, now at zero.6995.
AUD/USD chart created with TradingView
Tactically talking, merchants considering new short-side publicity could also be dissuaded on danger/reward grounds contemplating costs’ proximity to assist. Consumers considering a bounce could also be no extra enthusiastic within the absence of a clear-cut reversal sign. A elementary catalyst could also be wanted to spark momentum.
AUD/USD TRADING RESOURCES
— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com
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