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Aussie Dollar Falls Again After Repeated Rejection

Aussie Dollar Falls Again After Repeated Rejection

AUD/USDTheAussie dollar fell again on Thursday after the third consecutive upside rejection, as a recovery rally from 0.7328 (09 May low) shows signs of fatigue, following repeated failures to sustain a break above 0.7500 barrier, where weekly cloud top, reinforced by weekly Kijun-sen capped rallies.

Additional pressure is building on a reversal of a slow stochastic from an overbought zone border. Wednesday’s low at 0.7442 (also Fibo 38.2% of 0.7328/0.7517 upleg) marks a lower trigger, break of which is expected to spark a stronger correction which may extend towards the next Fibo supports at 0.7423 and 0.7400 (50% and 61.8% retracement respectively).

Break below 0.7400, which is also the base of a 4-hr cloud is needed to confirm a reversal and a lower top at 0.7517. Expect a prolonged consolidation phase while the pair holds between 0.7442 and a 0.7517 congestion.

Res: 0.7500; 0.7517; 0.7530; 0.7555 Sup: 0.7460; 0.7442; 0.7423; 0.7400

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