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Aug 02 - 01:55 PM

AUD/USD - Shorts Lean On Corrective Price Action

By Christopher Romano  —  Aug 02 - 11:45 AM
  • AUD/USD's overnight drop stalls at the bear flag base shown on daily charts

  • Pair bounces & pierces the 10-DMA while daily RSI rises again

  • AUD/USD corrective price action persists which should favor shorts

  • A test of the bear flag top seems likely, sellers likely nearby

  • Break of flag base implies correction done, bear trend to resume

  • Rally sellers likely target support in the 0.7225/55 area once short

  • For more click on FXBUZ

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Source:
Refinitiv IFR Research/Market Commentary

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