It’s all about this key support barrier this week for Aussie and our outlook / levels remain unchanged- “The Australian Dollar has approached a long-term support confluence we’ve been tracking since the start of the year at 7612/37. This region represents a critical inflection point for price and IF broken would risk a substantial sell-off in the Aussie. That said, we’re looking for signs of support this week with a breach above confluence resistance at 7750 needed to alleviate further downside pressure.” It’s make-or-break this week.
Bottom line: “The immediate short-bias is at risk heading into 7612/37 and from a trading standpoint I’ll be looking for evidence of a near-term low in this range. A break lower would keep the focus on subsequent support targets at 7481 and the 61.8% retracement of the 2016 advance at 7327.”
Last modified on Sunday, 24 June 2018