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AUD/USD Daily Forecast - 11 June

Monday, Jun 11 2018
AUD/USD Daily Forecast - 11 June

The Aussie dollar edged higher on Wednesday after extension of four-day descend found footstep at 0.7553 (30SMA) and profit-taking on Tuesday’s 0.5% fall pushed the price higher.

Near-term action holds in a downtrend from 0.7676/73 double-top and remains pressured by descending thick daily cloud.

Repeated closes below daily cloud maintain negative near-term tone off 0.7676, as pullback reversed over 38.2% of 0.7412/0.7676 rally so far.

Bearishly aligned daily techs support the notion, with eventual break below 30SMA expected to open next pivotal support at 0.7513 (Fibo 61.8%).

Fed’s rate decision announcement is due later today and may cause increased volatility.

Meanwhile, the pair is expected to hold within narrow range.

Sideways-moving daily Tenkan-sen marks solid resistance at 0.7595, which should keep the upside protected and maintain bearish bias0.7412 low last week.

Bearish scenario requires close below cloud to shift focus lower.

More in this category: « GBP/USD Daily Forecast - 8 June EUR/USD Daily Forecast - 12 June »

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