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AUD/USD reverses from important resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After once again failing to sustain its strength above 0.7800 level, the AUD/USD pair gave up majority of its yesterday's gains.

    AUD/USD could drop to test 0.7700 mark

    From current levels, 0.7750 mark seems to provide immediate support. Rejection from 0.7800 handle, representing the upper trend-line resistance of a short-term ascending channel formation on H4 chart, and a subsequent break below 0.7750 mark would suggest extension of the near-term corrective move. Below 0.7750 support, the pair could easily drop towards 0.7720 horizontal support ahead of the ascending channel lower trend-line support near 0.7700 round figure mark.

    On the upside, 0.7800 level remains immediate hurdle to be cleared. A clear break-through 0.7800 strong resistance should lift the pair immediate towards 0.7840 region and also opens room for further near-term upward trajectory.
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