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At the time of writing this article, AUD/USD is traded near 0.7100, continuing to decline after hitting an intra-week high at 0.7264 on Wednesday.
Meanwhile, AUD/USD remains in the bear market zone, trading below the key resistance levels 0.7600 (EMA200 on the monthly chart), 0.7310 (EMA200 on the weekly and daily charts).
A breakdown of the local support level 0.7085 may accelerate the decline towards the lower border on the daily chart, passing through the 0.7000 mark. More distant downside targets are located at support levels 0.6800, 0.6455 (Fibonacci 23.6% retracement to the pair's decline from 0.9500 in July 2014 to 2020 lows near 0.5510).
In an alternative scenario, AUD/USD will again attempt to grow towards the key resistance level 0.7310. Its breakdown will strengthen the positive dynamics of AUD/USD, sending it towards the resistance level 0.7600. The first signal of this scenario will be a breakdown of the important short-term resistance level 0.7154 (EMA200 on the 1-hour chart).
In the meantime, short positions on AUD/USD remain preferable.
Support levels: 0.7085, 0.7037, 0.7000, 0.6970, 0.6800, 0.6450
Resistance levels: 0.7154 0.7200 0.7278 0.7310 0.7400 0.7440 0.7510 0.7555 0.7615 0.7660 0.7730 0.7815 0.7835 0.7885 0.7800
Trading Recommendations
Sell Stop 0.7055. Stop Loss 0.7140. Take-Profit 0.7037, 0.7000, 0.6970, 0.6800, 0.6450
Buy Stop 0.7140. Stop Loss 0.7055. Take-Profit 0.7154 0.7200 0.7278 0.7310 0.7400 0.7440 0.7510 0.7555 0.7615 0.7660 0.7730 0.7815 0.7835 0.7885 0.7800
