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AUD/USD Technical Outlook: Looking Like a Big Support Break Coming

AUD/USD Technical Outlook: Looking Like a Big Support Break Coming

Paul Robinson, Strategist

Aussie is sitting on an important level of support that has been in play on numerous occasions the past couple of months. Looking for a closing candlestick below 7675 to act as a confirmation of a support break. In the event is does, then the April and low and 200-day right around 7530 will be targeted. Keep an eye on stocks/risk trade as this will influence how this all plays out. For the full set of details, see the video above.

AUD/USD Daily Chart (weaking on big support)

aud/usd daily chart

AUD/USD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

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