HomeContributorsTechnical AnalysisAUDUSD Risk Remains Lower Towards 0.6700 Support Zone

AUDUSD Risk Remains Lower Towards 0.6700 Support Zone

AUDUSD threatens further downside pressure as it looks to decline further towards the 0.6700 support zone. On the downside, resistance lies at the 1.6650 level. A cut through here will turn focus to the 0.6600 level and then the 0.6550 level where a violation will set the stage for a retarget of the 0.6500 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 0.6800 level where a breach will aim at the 0.6850 level. Below here will open the door for a run at the 0.6900 level and then the 0.6950 level. On the whole, AUDUSD faces further downside threats

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Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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