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    AUD/USD: broader down-trend probably resuming

       
    The aussie has been falling in a mini-down-trend ever since the correction reached highs of 0.8162 on May 14, and then ran out of steam.

    The move down last week formed a bearish engulfing on the weekly chart and it is a sign that the dominant longer-term bear trend is probably resuming.

    The exchange rate has just broken below the R1 monthly pivot, which is a formidable level of support and is now consolidating.

    I expect further downside, with a break below the 0.7802 lows, probably confirming a continuation of the mini-down-trend lower, with an initial target at support and resistance at 0.7715.
    AUDUSD25

       
    The aussie has been falling in a mini-down-trend ever since the correction reached highs of 0.8162 on May 14, and then ran out of steam.

    The move down last week formed a bearish engulfing on the weekly chart and it is a sign that the dominant longer-term bear trend is probably resuming.

    The exchange rate has just broken below the R1 monthly pivot, which is a formidable level of support and is now consolidating.

    I expect further downside, with a break below the 0.7802 lows, probably confirming a continuation of the mini-down-trend lower, with an initial target at support and resistance at 0.7715.
    AUDUSD25


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