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Jul 29 - 01:55 PM

AUD/USD - Rally Sellers Eye Continuation Pattern, Key Resistances

By Christopher Romano  —  Jul 29 - 12:21 PM
  • AUD/USD rallies above the 10-DMA, hits a 9-session high Thursday

  • Daily RSI is unwinding oversold condition, implies s-t upward momentum

  • Monthly RSI is falling though, suggest downside momentum longer-term

  • Daily chart shows bear flag continuation pattern forming

  • AUD/USD also nearing key resistances 21-DMA and July 16 daily high

  • Bears see the corrective bounce as an opportunity to sell

  • Rally sellers likely target 0.7225/50 zone & 38.2% Fib of 0.5510-0.8007

  • For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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