DowntownForex

AUD/USD Falls Below Old High But One More Step To Go…

By FXDD -

The AUDUSD has fallen back below the 0.8036 level which represented the high from July 7th.  The pair has tested the 100 bar moving average at the 0.8013 level and will need to be broken to continue the downside correction.  If broken the  target will look toward the 0.7981 level which represented the 61.8% level broken earlier today.  A move back above the 0.8036 level would be a mild concern intraday.

So although the top looks in place, one more step is needed to confirm further corrective downward pressure.

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