On the upside, the 10-D SMA is at 0.7395 while the 10-W SMA is located at 0.7517 through 0.7500 recent double bottom lows. A break of 0.7600 opens 0.7640 and then 0.7680 before the top of the channel where the 100-D SMA resides at 0.7709.
AUD/USD Daily Forecast - 29 June
AUD/USD is making a minor recovery and testing the hid point of the .73 handle from lows of 0.7329 as the downtrend deteriorates a touch away from the support of the descending channel and yesterday's lows (lowest levels since Jan 2017). Technicals lean bearish, and a complete unwind of the two-year year-long reflation trade is possible as China stumbles, which opens risk to the 0.72 handle and lower for a look in at 0.7140 double bottom lows on a weekly basis.
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