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AUD/USD Continues Sideways Range Trading Sideways

Published 04/08/2015, 01:42 AM
Updated 07/09/2023, 06:31 AM
AUD/USD
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AUD/USD Daily Chart

AUD/USD first resistance at 7680/85 is key to direction. Try shorts with stops above 7705. Be ready to go with a break higher however as this is more positive and targets 7735/40. Further gains are unlikely but would target strong resistance at 7780/85 for a selling opportunity with stops above 7800.

First support at 7625/20 but if trying longs we need stops below 7605. A break lower sees 7620/25 act as resistance to target 3 day lows at 7575/70. Failure here however tests 3 month trend line support at 7545/40. Bear in mind that a break & close below 7530 lows is more negative and indicates the start of the next leg lower to target 7500 initially then 7440/35.

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