Trade of the Day: AUD/USD

ChartViper Trade of the Day

AUD/USD continues to fall toward the key support level 0.6788, which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 4-bar level – which is the result of the four previous price reversals from this price level. AUD/USD is expected to continue to fall toward the support level 0.6788.

As can be seen from the daily AUD/USD chart below – the price earlier reversed down from the pivotal resistance level 0.68564 (former strong support from May and June). The proximity of this resistance level and the clear daily downtrend increase the probability AUD/USD will continue to fall toward the support level 0.6788.

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