AUD/USD TECHNICAL FORECAST: NEUTRAL
- Australian Dollar break of September prime places development resistance underneath fireplace
- Lengthy-term chart positioning continues to argue for a broadly bearish bias
- Draw back tilt doubtless wants counter-trend line break to turn into actionable
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The Australian Greenback loved spectacular upside momentum final week, rising to the very best degree in three months in opposition to its US counterpart. Costs even managed to breach resistance on the mid-September swing prime, transferring to problem the outer sure of the downward development guiding them decrease since December 2018.
Every day-close affirmation of a break above this barrier would mark a big change of tone for AUD/USD, neutralizing near- to medium-term promoting stress and setting the stage for a extra pronounced restoration. Such a transfer would see the subsequent layer of great resistance at 0.7082, the mid-July excessive.
AUD/USD Every day Value Chart