AUD/USD Classical 07.28
AUD/USD: Although the market managed another close above the 200-Day SMA on Tuesday, we are not as convinced of the prospects for any sustained recovery, with the formation of a bearish doji following a series of six consecutive daily higher highs. Daily studies are also looking quite stretched and break and close back below 0.9000 on Wednesday will help to confirm toppish bias and should then accelerate declines back towards initial support by 0.8630. Back above 0.9100 negates and keep pressure on the upside.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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