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AUD/USD Technical Analysis: Rebound Stalls at Trend Line

AUD/USD Technical Analysis: Rebound Stalls at Trend Line

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Talking Points:

The Australian Dollar is edging lower having tested trend line resistance guiding the move lower since mid-October against its US namesake. The pair launched sharply higher after a strong set of employment figures dented RBA rate cut expectations but prices failed to overturn the near-term bearish bias.

Near-term trend line resistance is at 0.7134, with a break above that on a daily closing basis clearing the way for a test of a horizontal pivot at 0.7199. Alternatively, a move below the November 10 low at 0.7016 opens the door for a challenge of the 0.6902-07 zone, marked by the September 4 bottom and the 38.2% Fibonacci expansion.

We sold AUDUSD at 0.7058, aiming for the September 4 low at 0.6907. A stop-loss will be activated on a daily close above the 0.72 figure. We will book half of the position and trail the stop-loss to breakeven once the first target is hit.

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