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- The AUD/USD remains below MA 200 H1
The AUD/USD remains below MA 200 H1
Yesterday, the AUD/USD traded higher and closed the day in the positive territory near the price of 0.6725. Today it traded in a narrow range of 0.6715-30, remaining near yesterday's closing price. On the hourly chart, AUD/USD is still trading below the moving average line MA (200) H1 (0.6770). On the four-hour chart, the situation is similar. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points for sale at the end of the correction.
- Resistance levels are at: 0.6745-50, 0.6795, 0.6815-20
- Support levels are at: 0.6705, 0.6680-85, 0.6625
Probably, the main scenario is a continuation of the downward movement to 0.6705 (low of the European session on Sep 4).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 0.6820 (Aug 29 high).
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