Australian Dollar's Daily Analysis
Publish Date : 2019/09/23 - 07:12

AUD/USD had a bullish trend despite waning hopes of a US-China trade deal, But the recent prices tell us about further decline in the exchange rate as it creates a series of lower highs and lows.

As we look at AUDUSD’s daily chart, we should consider the pair’s rebound following the currency market flash-crash has been set to a maximum limit by the 200-day SMA at 0.7002 with the exchange rate fail at another attempt to reach above the moving average.

As a result, the move below the 0.6800 handle outcomes the Fibonacci overlap around 0.6720 to 0.6730 on the radar, with the break low of the 2019-low at 0.667 which cause raising the risk for a move to 0.6620.

Source: DailyFX

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