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AUD/USD bears lining up and lick lips

FXStreet (Guatemala) - AUD/USD is trading at 0.8531, down -0.95% on the day, having posted a daily high at 0.8621 and low at 0.8514.

AUD/USD was pressured on the European data yesterday and has remained offered down to the 0.8520 and 0.8511 three-year channel supporting level and below the critical 0.8540’s with bears looking for a firm close for confirmation of opportunities lower.

However, much now will depend on global liquidity for the Aussie, and with the ECB on the horizon, and intentions to do whatever is necessary towards their inflation target of 2%, more money supply may be injected into the market’s and similarly from Japan and the higher yielders, such as the Aussie, may find support from foreign investment, much to the RBA’s concerns.

AUD/USD noteworthy levels

With spot trading at 0.8531, we can see next resistance ahead at 0.8538 (Daily Classic S2), 0.8557 (Weekly Classic S1) and 0.8562 (Hourly 20 EMA). Support below can be found at 0.8511 (Bottom of three year channel), 0.8475 (Daily Classic S3), 0.8446 (Weekly Classic S2), 0.8325 (Weekly Classic S3) and 0.8104 (5 Year Low).

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