- Buying interest in the Greenback remains high, AUD/USD is continuing tumble in early Wednesday trade.
- Recent market tension over the Middle East has temporarily been set aside with the US officially announcing it was pulling out of the Iran deal.
- AUD/USD breaks channel base support at 0.7450, heading towards 0.74 handle.
- The pair has hit new 11-month lows at 0.7424 before paring some losses to currently trade at 0.7436.
- Momentum studies are biased lower, we see scope for further downside.
- We have little impactful news scheduled for the AUD this week. The focus has turned to Thursday's U.S. CPI figures.
Support levels - 0.74, 0.7371 (June 2 low), 0.7327 (61.8% Fib), 0.73
Resistance levels - 0.7450 (channel base), 0.7494 (5-DMA), 0.75
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-breaks-channel-base-support-at-07572-hits-4-month-lows-at-07538-bias-lower-1278593) has hit all targets.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -65.3013 (Neutral), while Hourly USD Spot Index was at 79.7498 (Bullish) at 0300 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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