AUD/USD Classical 05.28
AUD/USD: The market has fallen apart since failing to clear barriers by 0.9400, with setbacks now accelerating to fresh 2010 lows below major neckline support of a double top at 0.8580, to 0.8070 thus far. The break below 0.8580 should now open a measured move pattern objective by 0.7800 over the coming days. However, the market is currently in the process of bouncing from oversold levels, and we would not rule out the potential for additional gains back towards the 0.8700 area, ahead of a bearish resumption.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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