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AUD/USD: At Support Zone Between 0.725-0.72

Published 10/18/2015, 06:56 AM
Updated 07/09/2023, 06:32 AM

Buy signals between 0.725 and 0.72 towards 0.76. Sell signals under 0.72


On the weekly chart, AUD/USD is clearly in a downtrend, with all SMAs parallel and pointing down. The pair however bottomed down around 0.69, and seems now to be consolidating up. It has broken a resistance around 0.725 and is now retesting it as a support. Should it keep on going up, the next resistance is around 0.76 and that will be my take profit level.
AUD/USD Weekly Chart

On the daily chart we have a better view of the 0.69 -0.725 area. We see a whole support zone between 0.725 and 0.72 and this is where I will look for buying signals to go back to 0.76. A breakdown of 0.72 would open the way for a retest of 0.70 and 0.69. AUD/USD Daily Chart

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