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AUD/USD: Bears to Keep Intact Whereas Upticks Restricted Below Sturdy Obstacles at 0.7000/29

The AUDUSD edges larger from new 22-month low (0.6910) on Tuesday, as US greenback bulls lose tempo and merchants partially take revenue after pair’s 4.2% loss in previous three days.

Total image stays bearish, as bigger downtrend from 2022 peak at 0.7661 made a textbook correction (0.7029/0.7265) capped by 100DMA and close to Fibo 38.2% of 0.7661/0.7029 downleg, earlier than resuming.

Break and weekly shut under psychological 0.70 assist added to adverse alerts from every day indicators, as 14-d momentum continues to pattern decrease deep within the adverse territory and south-heading every day transferring averages shaped a variety of bear-crosses, weighing on the Aussie.

Very best state of affairs sees restricted upticks by 0.7000 (reverted to resistance) and 0.7029 (earlier low) to supply higher promoting alternatives for extension by way of 0.6910 (new 22-month low) in direction of the highest of thick month-to-month cloud (0.6822).

Merchants await Wednesday’s launch of inflation information for April from China (1.8% y/y f/c vs 1.5% Mar) and the US (8.1% y/y f/c vs 8.5% Mar) which is able to present contemporary alerts.

Res: 0.6986; 0.7000; 0.7029; 0.7075
Sup: 0.6910; 0.6877; 0.6822; 0.6758



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