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AUD/USD Technical Analysis: Aussie Drops to 6-Year Low

AUD/USD Technical Analysis: Aussie Drops to 6-Year Low

2015-07-27 02:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7251, 0.7129, 0.7031
  • Resistance:0.7326, 0.7448, 0.7508

The Australian Dollar resumed the down trend against itsUS counterpart, dropping to the lowest level in over six years. Near-term support is at 0.7251, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.7129. Alternatively, a move above the 14.6% Fib at 0.7326 opens the door for a challenge of the July 21 high at 0.7448.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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AUD/USD Technical Analysis: Aussie Drops to 6-Year Low

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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