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- Mar, 12 AUD/USD Classical 03.12
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AUD/USD – The market could finally be showing signs of exhaustion, with the daily chart rolling over and contemplating a short-term top. However, it is still premature to call for any form of a top at current levels, with a break below 0.9110 (previous weekly low) required at a minimum to justify a shift in the structure. Nevertheless, the break and close below the 10-Day SMA is somewhat encouraging for bears and could indeed be warning of the potential reversal. Look for a lower top on Tuesday below 0.9280.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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