AUD/USD: It looks as though a major lower top is in the process of carving out by 1.0765, with the market rolling sharply over the past several days and breaking back below the 200-Day SMA. From here, look for continued depreciation towards the recent range lows at 0.9925, with a break below to open the door for the next major downside extension. In the interim, any interday rallies should now be well capped below 1.0500.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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