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Jun 30 - 12:55 PM

AUD/USD: The Low Is In; Ready To Rebound Back Above Triple Support Range - Citi

By eFXdata  —  Jun 30 - 10:45 AM

Citi discusses AUD/USD technical outlook and sees a scope for floor and turn around current levels.

"CitiFX Technicals flags that AUDUSD is another pair that used a 76.4% Fibonacci level at 0.7509 to limit further moves on the downside. We expected the Fibonacci level to give away for a potential decline all the way to the recent low at 0.7476 since AUDUSD had a significant break yesterday by closing below a triple support range at 0.7563-0.7565," Citi notes.

"But given that AUDUSD failed to break decisively below the Fibonacci retracement even with the added momentum from the break we saw yesterday, we believe that the low is already in for AUDUSD and that it’s ready to rebound back above the triple support range," Citi adds. 

Source:
Citi Research/Market Commentary

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