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FxWirePro: AUD/USD extends slump below 200-DMA, 61.8% Fib in sight

AUD/USD chart - Trading View 

Spot Analysis:

AUD/USD was trading 0.68% lower on the day at 0.7430 at around 08:45 GMT

Previous Week's High/ Low: 0.7601/ 0.7444

Previous Session's High/ Low: 0.7533/ 0.7462

Fundamental Overview:

COVID-19 jitters amid rising cases of the Delta variant and the resulting risk-off mood weighed on the antipodeans.

Focus on US Initial Weekly Jobless Claims data, due for release later during the early North American session for impetus. 

US bond yields and the broader market risk sentiment will influence the USD price dynamics and AUD/USD price action.

Technical Analysis:

- Price action has shown a decisive break below 200-DMA 

- MACD is well below the zero mark and ADX also supports downside

- The pair has slipped below 55-week EMA and into the weekly cloud

- GMMA indicator shows near-term trend has turned bearish

Summary: AUD/USD trades with a bearish bias. Scope for test of 61.8% Fib at 0.7379. Bearish invalidation only above 200-DMA.
 

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