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AUD/USD Fades after Spike; Look Towards 200 DMA

AUD/USD Fades after Spike; Look Towards 200 DMA

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Fades after Spike; Look Towards 200 DMA

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“AUDUSD didn’t quite trade to .9412 before trading lower. The rate is having issues with .9400 generally (including at the early April top, when the rate closed above .9400 twice before failing).”

-Tuesday’s action (trendline break and month open break) makes a strong case that the larger trend has reversed (lower). Resistance at .9275 held so look towards the 200 day average at .9175.

LEVELS: .9166 .9201 .9216 | .9239 .9274 .9317

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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