AUDUSD: Weakens, Targets The 0.7550 Level

2 July 2015, 15:18
FXTechstrategy Team

AUDUSD: With the pair continuing to weaken, it looks to target the 0.7550 level. AUDUSD is on a second day of decline following its loss of upside momentum on Wednesday. On the downside, support lies at the 0.7550 level. A cut through here will turn attention to the 0.7500 level and then the 0.7450 level where a violation will set the stage for a retarget of the 0.7400 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.7650 level where a breach will aim at the 0.7700 level. Below that level if seen will set the stage for a run at the 0.7750 level with a cut through here targeting further downside towards the 0.7800 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.


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