Technical Outlook: AUDUSD reversed off slope resistance last week with the broader long-bias at risk near-term heading into tonight’s Reserve Bank of Australia (RBA) interest rate decision. The pair is now testing support at 7590-7606- a region defined by the 61.8% extension of the decline off the highs and the April low-day close. A break below confluence support at 7559 is needed to validate a more significant near-term reversal in the pair targeting 7510 & 7481/82.
Interim resistance stands at 7438/43 with a breach above the weekly opening-range highs at 7677 targeting last week’s high at 7722. Keep in mind that longer-dated slope resistance extending off the October high converges on this level heading deeper into the week with the broader long-bias at risk while below this mark. Ideally I would be looking for a final rally to fail just above the highs to offer favorable short entries. A breach / close above keeps the focus higher targeting the June high-day close at 7794. e DailyFX
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