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Technical Outlook: AUDUSD – Bears Extend To New Two-Week Low, Eye Key Support At 0.7732

The Aussie dollar accelerated further down on Tuesday and broke below pivotal support at 0.7795 (Fibo 61.8% of 0.7732/0.7897 upleg).

Last Friday’s long red daily candle continues to weigh strongly for bearish extension towards 0.7732 (06 Oct low), to mark full retracement of 0.7732/0.7897 upleg.

Bearish daily techs are supportive, with formation of 20/100SMA bear-cross, additionally weighing on near-term action.

Close below 0.7795 will be bearish signal for further easing through 0.7771 (Fibo 76.4%) towards 0.7732 target.

Meanwhile, bears may take a breather ahead of 0.7732 as strongly oversold slow stochastic warns of correction.

Initial resistance lies at 0.7824 (20/100 bear-cross / session high) while daily cloud base (0.7848) is expected to cap extended upticks.

Res: 0.7824, 0.7848, 0.7883, 0.7897
Sup: 0.7771, 0.7732, 0.7712, 0.7670

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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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