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AUD/USD Breakdown; Former Lows May Provide Resistance if Reached

AUD/USD Breakdown; Former Lows May Provide Resistance if Reached

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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

-“June’s AUDUSD range (3.4%) was the smallest monthly range since October (3.05%). In fact, the intermonth plots of price action for June and October are virtually identical. Both time series form 3 wave corrective (A-B-C) patterns. However, Monday’s reversal warns of a false breakdown. The rate is at resistance now so we should a better idea of direction over the next few days.” Focus is lower towards .7100/50 as long as price is below .7737.

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

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