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AUD/USD Bearish Breakout In Play

Published 06/04/2015, 09:34 AM
Updated 01/31/2022, 02:45 AM


AUD/USD bearish breakout in play, but watch for positive EUR/USD correlation AUD dovish RBA tone, bad Trade balance and Retail sales results pulled the pair down to test 0.7700 zone. From technical perspective, AUD/USD is bearish as long as 7800 holds, and we can spot 2 POCs as possible rejection points. First POC comes around 0.7750 zone ( 38.2,L4, and Standard PP ), while second POC ( L3, 50.0, trend line ) comes around 0.7765. If the pair rejects from those 2 points and 0.7800 stands firm, we could see 0.7687 then 0.7644. Big volatility in EUR/USD and positive correlation with AUD/USD could spike up the pair then reject it afterwards, so pay attention to it.

All camarilla levels have been hit last night after AUD Trade balance and Retail sales release, so we need to watch pivot points for next levels. Once again, we can witness how L5 is indeed a good support.


AUD/USD Hourly Chart

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