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Dec 22, 2014

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Home » Technical Analysis » Daily » AUD » AUD/USD Continues Sliding Below Trendline and 1.04

AUD/USD Continues Sliding Below Trendline and 1.04

Forex Technical Update

AUD/USD Daily chart 1/28/2013 7:45AM EST
(click to see chart)

Sharp slide: AUD/USD has been sliding sharply, lastly observed breaking a rising channel. It continues to slide as we see it break below 1.04 and a rising trendline in the daily chart. The next area of support is between 1.0345-1.0363. These are the lows in Dec. 2012. The daily chart does not look very bearish, so I would anticipate this support zone to give some demand to a falling AUD/USD. Whether there will be a bullish reversal is yet to be assessed.

A break below that December low opens up 1.03 and 200-day SMA before the 1.2845 support pivot. When you look at at the big picture, AUD/USD is sideways after a rally from early June to late July 2012. If it is to oscillate all the way down to the consolidation range support, it has the 1.0150-60 area in sight, an area of very key support.

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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