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AUD/USD arrives at key support ahead of US CPI

Written by Fawad Razaqzada | 2017-08-11 10:52:32 GMT

AUD/USD arrives at key support

Given the breakout last month from its long-term range, one would have to remain bullish on the AUD/USD until proven wrong. When will the bulls be proven wrong? If and when the last swing low at 0.7570 breaks down. Admittedly, that level is miles away from where we are at the moment. But even in the short-term, the bulls will start sweating if some breakout levels first at 0.7335/40 area and then at 0.7700/10 start to break down. BUT if the trend is still bullish in the short-term then these breakout levels should turn into support. So, there is a potential we could see the low of the week and month form at 0.7835/40, a level which was already tested overnight. It may get re-tested once US inflation data comes out. But as long as we hold above 0.7335/40 are on a daily closing basis then the short-term trend would remain bullish. The long-term trend will remain bullish while price holds above 0.7570, in my view.

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Fawad Razaqzada
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