AUD/USD is moving in descending channel and is almost at the important support level of 0.7630. The level is important owing to the fact that this is the two months low and also its the 38.2% fib level of the up move that started in May from 0.7330 to 0.8125.

If this level breaks then the next support will come at around 0.7560 and after that around 0.7500. On the other hand, if it bounces then the next immediate resistance is at 0.7650 and the next hurdle will be 0.7726.

But looking at the dollar strength, the downside move is the most likely scenario. So in the coming week, I will be looking for short opportunities in Aussie Dollar.



Whatever you are, be a good one.
- Abraham Lincoln
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