AUD/USD Classical 07.20
AUD/USD: The 100-Day SMA has served as a formidable resistance point with the market pulling back sharply on Friday to put in a nasty bearish reversal day. The pattern formation on the daily chart looks very toppish and the market appears to be in the process of carving out some form of a top ahead of the next downside extension back towards the 0.8300 area over the coming days. Only a close back above 0.8870 would negate outlook and give reason for reconsideration.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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