AUDUSD – Testing 2008/2009 Year Lows
Price Action Context
AUD/USD is now testing a multi-year support that was established back in 2008/2009, whilst at the same time being extended from its 20-week moving average which suggest a potential ST exhaustion on the sell-side that in turn might lead to a solid ST bounce from this key support.
Overall bias is bearish and should bulls be able to defend this support for now, a move back up towards 0.6670 is likely, which in turn could present potential shorting opportunities. Should this support on the other fail to hold, the next support in line to look out for comes in at around 0.57.
Long-Term Key Support & Resistance Zones
Resistance: 0.6670 – 0.6750
Support: 0.6000 – 0.6300
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