This pair has now found some support at 0.73100 and buyers have stepped into the breach to prop price up. The pair has been traded on trade war tensions, with the US implementing sanctions against Australia main export market for natural resources, China. Thus headlines concerning these developments are of great importance to this pair. The support of the May low at 0.74115 and the 0.74000 level will play an important role in the days ahead if a retracement is to take place. Falling trend line support comes in at 0.71594 which is the low reached in December 2016.
Resistance can be found at the 50 DMA at 0.74990 followed by the 0.75624 level. The 100 DMA at 0.75787 matches trend line resistance and will be a strong area to overcome. A break higher will initially target the 200 DMA at 0.76424 followed by the rising red trend line at 0.77170. This move can be used as a platform for further advances towards 0.78000 and 0.78900.
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