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AUD/USD: Bearish bias prevails – FXStreet


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FXStreet (Bali) – According to Valeria Bednarik, Chief Analyst at FXStreet, the bearish bias in AUD/USD prevails based on the latest daily chart action.

Key Quotes


“The Australian dollar edged slightly higher against the greenback last week, with the pair however, unable to settle above the 0.7800 level. The Aussie was weighed last week by a sharp decline in metal’s prices, with the iron ore falling towards its record lows last week, but managed to post a 3-week high of 0.7848.”


“Nevertheless, the bearish bias prevails, as in the daily chart, the technical indicators have turned south and are about to cross their mid-lines, whilst the 20 SMA provides an immediate short term support around 0.7700, which means it will take a break below this level to confirm a downward continuation.”


“In the 4 hours chart, the price is confined to a tight range, right below a horizontal 200 EMA, around 0.7775, and its 20 SMA, whilst the Momentum indicator has turned flat in positive territory, and the RSI gains bearish tone around 51.”