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The AUDUSD is seeking to shut decrease for the fifth consecutive day though in the present day’s decline could be modest. The present worth is simply 4 pips off it is closing stage yesterday at 0.7122. The worth is traded principally above that stage in the present day however has rotated again to the draw back going into the shut.
Trying on the each day chart, the low worth for the day reached 0.71005. Not solely is at a pure help stage, however can also be close to the excessive of a swing space between 0.70799 and 0.71038 (see purple numbered circles and yellow space within the chart above). Help consumers could lean towards that stage with stops on a break beneath.
Ought to the swing space be damaged, merchants would then look towards the extremes lows from December 2021 and January 2022. These ranges are available in at 0.6992 and 0.69669. An interim February 2021 low got here in at 0.7051. That stage would even be a goal forward of the decrease extremes.
Maintain the swing space, and we might see promoting dry up in a corrective probe again to the upside.
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