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FxWirePro: AUD/USD refreshes 2 1/2 year low, Fed bets underpin US dollar strength

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/USD extends weakness for the sixth consecutive session, refreshes 2 1/2 year lows

- Recent pick-up in the US Dollar strength amid risk-off mood add to weakness in the pair

- Mixed Aussie data and Australia’s Treasurer Jim Chalmers' upbeat comments failed to provide any relief

- Technical indicators are strongly bearish, GMMA indicator shows major and minor trend are bearish 

- Price action is well below cloud, Chikou span is biased lower, momentum is bearish

Major Support Levels: 0.6239 (Lower BB), 0.5980 (April 2020 low)

Major Resistance Levels: 0.6362 (5-DMA), 0.6440 (200H MA)

Summary: AUD/USD trades with a bearish bias. The pair is poised for further downside. Scope for test of April 2020 lows at 0.5980.
 

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