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  |   Technicals


FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/USD was trading 1.13% lower on the day at 0.6783 at around 12:20 GMT

- Recovery in the pair was capped at major trendline resistance

- 5-DMA is sharply lower and Chikou span is bias lower

- Momentum is with the bears, volatility is high

- GMMA indicator shows major and minor trend are strongly bearish

- Price action is below major moving averages which are trending lower

Support levels - 0.6752 (Lower BB), 0.6648 (June 2020 low)

Resistance levels - 0.68, 0.6844 (5-DMA)

Summary: AUD/USD trades with a bearish bias. Scope for fresh multi-month lows. 

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