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Another Rejection from Below $0.7600

AUD
MNI (London)
  • Probed below $0.7600 in Asia, touched $0.7595 but held off a retest of Friday's low of $0.7588(seen in early Europe: $0.7587 61.8% $0.7532-0.7677) but continues to meet willing buyers in this area. Asian traders have suggested corporate interest, though this remains unconfirmed.
  • Rate has managed to recover to $0.7615 into Europe this morning but momentum not too inspiring, the earlier high at $0.7628 could be struggle to retest.
  • However, a break here to expose stronger resistance at $0.7640/45 ahead of $0.7660/77, above this latter area seen needed to ease current bearish feel.
  • Below $0.7588/87 to open a deeper move toward $0.7566(76.4%).
  • MNI Techs: AUDUSD is weaker but remains within the recent range and above recent lows. Key support is at 0.7532, Apr 1 low and the outlook remains bearish. The pair has recently breached 0.7563, Mar 25 low and the Feb 2 low of 0.7564. This reinforces a bearish theme following the confirmation of a head and shoulders reversal pattern on Mar 23. The focus is on 0.7517, Dec 22 low. Initial resistance is seen at 0.7680, the 50-day EMA.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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