Medium Term Strategy: Forex Pair of the day
AUD/USD – under pressure
|The pair is posting a rebound but stands below the strong horizontal resistance at 0.7530 and remains capped by the 200-days moving average. As a consequence, further weakness is expected with a first target at 0.69 (September bottom) and a second one set at 0.6650. A third target is set at 0.6350 (horizontal support). Only a rebound above the strong horizontal resistance at 0.7530 would turn the outlook to bullish with a first alternative target set at the previous overlap at 0.7805 and a second one set at May top at 0.8165.|
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