Strategy: Pending Short
AUDUSD has taken out resistance at 0.9080, the 76.4% Fibonacci retracement of the 4/12-5/25 downswing. From here, the door looks open for an advance toward April’s high at 0.9395. However, as we discussed in the Valuation section of our monthly Australian Dollar forecast, our longer-term bias points toward losses and we will treat continued gains as a selling opportunity in the days ahead.
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