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AUD/USD Breaks Range Support with 0.7155 in Sight

AUD/USD has been bearish since failing to clear above a key resistance around 0.81. 

$AUD/USD Daily Chart

(click to enlarge)

Bears in Charge:
- Note the signs that this is a bearish market other than the fact that price has been making lower highs and lower lows.
- Price is staying below the band of 200-, 100-, and 50-day simple moving averages (SMAs), at times treating them as resistance.
- The RSI has been able to dip below 30, and has been holding under 60, a dynamic that reflects maintenance of bearish momentum.
- Last week, the market treated a falling trendline and the 50-day SMA as resistance factors.
- Price broke below the range support and closed just under 0.73. 
- This is a bearish continuation breakout and opens up the next key support around 0.7155. 
- On the weekly chart we can see that the 0.7155 area is a common support.
- With the weekly RSI falling towards the oversold area, we should anticipate support here around 0.7150. 

AUD/USD Weekly Chart

(click to enlarge)

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