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21 Apr 2016
AUD/USD: 0.7722 is key support - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair turned sharply lower after posting a fresh yearly high of 0.7834, with the slide fuelled by a declining commodities and stocks.
Key Quotes:
"The Aussie maintained its buoyed tone and in fact, this latest retracement does little against the dominant bullish trend, but broad dollar's strength may persist during the upcoming Asian session, and therefore maintain the pair in bearish mode.
The Aussie bottomed at 0.7732 against the greenback, and the following bounce has been quite shallow. The immediate support however, is 0.7722, March 31st high, and it would take a downward acceleration below it to confirm additional declines during this Friday."
Key Quotes:
"The Aussie maintained its buoyed tone and in fact, this latest retracement does little against the dominant bullish trend, but broad dollar's strength may persist during the upcoming Asian session, and therefore maintain the pair in bearish mode.
The Aussie bottomed at 0.7732 against the greenback, and the following bounce has been quite shallow. The immediate support however, is 0.7722, March 31st high, and it would take a downward acceleration below it to confirm additional declines during this Friday."