Australian Dollar Vulnerable With Failure at 100-Day SMA
The AUD/USD has stalled at the 100-Day SMA at 0.9077 which could be an opportunity to get short the pair. I would wait for a move back below 0.9000 with a target of 0.8800. However, a break above the technical level makes the case for a long position with a target of 0.9300. Current optimism on the back of the Greece bailout package has the high yielder on the rise. However, we could see sentiment reverse if fundamentals point toward a slowing global economy.
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