Sun, Dec 04, 2022 @ 09:33 GMT
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Technical Outlook: AUDUSD – Limited Downside Attempts For Now

The Aussie dollar eased in early Wednesday’s trading after inflation in Australia missed its forecasts in the second quarter (Q2 CPI 0.2% q/q vs 0.4% f/c, annualized at 1.9% vs 2.2% f/c) but dips were contained just above last Friday’s low at 0.7875.

Rising thick 4-hr cloud also underpins the action, as probes below cloud top (0.7902) were so far short-lived.

Immediate downside risk will be minimized while supports at 0.7900/0.7875 hold, while break lower would risk extension towards 0.7856 (rising daily Tenkan-sen) and pivotal support at 0.7830 (Fibo 38.2% of 0.7527/0.7988 upleg).

Firm break here is needed to sideline larger bulls and signal deeper correction.

Res: 0.7941, 0.7970, 0.7988, 0.8000
Sup: 0.7900, 0.7875, 0.7856, 0.7830

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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