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Jul 28 - 01:55 PM

AUD/USD - Corrective Bounce Near Done, Shorts Face A Big Impediment

By Christopher Romano  —  Jul 28 - 01:01 PM
  • AUD/USD briefly lifts above the 10-DMA again but the rally stalls

  • A slide ensues and AUD/USD goes on to hit a 5-session low

  • Falling daily, monthly RSIs imply lower levels due but support is near

  • Good support sits in the 0.7285/90 area, stops likely sit below the zone

  • Break of that support suggests next leg of bear trend is beginning

  • Bears then likely target 38.2% Fib of 0.5510-0.8007 which sits 0.7053

  • For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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