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Bulls and bears battle at critical daily support


  • AUD/USD bears are lining up for a breakout. 
  • Current daily support needs to give to reveal the 0.71 area. 

AUD/USD is testing the bull’s commitments following high volatility on Wednesday. The following illustrates the daily market structure and prospects for a downside continuation. 

AUD/USD daily chart

AUD/USD has travelled to test the 50% mean reversion level near 0.7280 and fell just shy of the 61.8% Fibonacci retracement near 0.7300.

However, the move was a risk-on spike in the lead in and around the Federal Reserve. There could be some demand left in the market yet although more probable, a last-minute stop run opens risks of a downside continuation to come in the coming days ahead.  A break of 0.7200 opens risk towards the 0.71 figure. 

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