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AUD/USD neared 23.6% Fibo support

FXStreet (Mumbai) - The AUD/USD pair extended losses to hit a session low near 0.7204 (23.6% of 0.8163-0.6907+76.4% of 0.6006-1.1080).

Oil driven losses

The Aussie is a victim of losses in oil prices. Brent fell below USD 40/barrel and pushed the CAD to fresh 11-year lows against the US dollar. Consequently, the AUD followed suit and fell to fresh session low of 0.7207 levels.

The currency pair is heading into the US advance retail sales report on a weak note. Consequently, it could extend losses if the retail sales blow past expectations.

AUD/USD Technical Levels

At 0.7220, the pair has a strong support at 0.7204 (23.6% of 0.8163-0.6907+76.4% of 0.6006-1.1080), under which the losses could be extended to 0.7172 (Dec 9 low). On the other side, resistance is seen at 0.7259 (hourly 50-MA) and 0.73 levels.

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