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Fan Yang

AUD/USD Respects Key Resistance and Remains Bearish

AUD/USD has been bearish all year since January when it retreated from around 0.8150. 

$AUDUSD Daily Chart

(click to enlarge)

Bears in Charge:
- First of all, we should note that price broke below a key support around 0.7150 before finding support around 0.71. 
- Price rebounded, but found resistance around 0.73. This respects the 50-day simple moving average (SMA), as well as the falling trendline resistance.
- The reaction here suggests bears are still in charge, which puts downside to at least 0.71 and then 0.70. 
Range Support:
- When we zoom out to the weekly chart, we can see that price action has essentially shifted into a sideways mode since 2015. (AUD/USD was bearish entering 2015 and throughout the year before price the pair found support around 0.6825.)
- I would remain bearish on AUD/USD until price approaches the 0.6825 area, where I would anticipate support at least in the short-term.

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