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AUDUSD dropped around 450 pips of the highs this month and the price action suggest further bearish movement after interest rate cut by RBA as well as other economic indicators showing signs of slowdown.
From technical perspective, 0.7180 remain an untested demand zone so some bullish reaction is expected at this zone. Once this zone is cleared the next demand zone is deep down at 0.6830, so plenty of downward space available and a good risk to reward ratio trade, if this pair is traded at right levels. 0.7545 would be a good level to look for sell opportunities on any retracement to this level.
From technical perspective, 0.7180 remain an untested demand zone so some bullish reaction is expected at this zone. Once this zone is cleared the next demand zone is deep down at 0.6830, so plenty of downward space available and a good risk to reward ratio trade, if this pair is traded at right levels. 0.7545 would be a good level to look for sell opportunities on any retracement to this level.
