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AUD/USD Classical 05.07

AUD/USD Classical 05.07

2010-05-07 06:50:00
Joel Kruger, Technical Strategist
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aud2

AUD/USD: The market has fallen apart since failing to clear barriers by 0.9400, with setbacks now accelerating below 0.9000 and 0.8800 to put the focus on a major platform base by the 2010 lows at 0.8580. The market is however extremely volatile and risks for a short-term corrective bounce can not be discounted, with the potential for a correction back towards 0.9000-0.9100 before the resumption of the bearish momentum. Next support comes in by 0.8740. 

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

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