AUDUSD is doing a better job than the pound in holding its big figure but it’s looking dicey
The 30m AUDUSD chart is almost a copy image of the GBPUSD chart right now. In that, we saw cable plunge under the 1.3900 big figure but the aussie is fairing better. The problem is that it’s not being allowed to push too far up away from it and that could mean trouble.
As I type, we’re finding some half decent support just ahead of 0.8000 but if we can’t take back at least the 0.8020 level, we’re likely to get a break below. Expect stops to be sitting there but as we’ve been over/under a couple of times already, they probably won’t be big. 0.7990 could offer support, and that could stretch down to 0.7980. More will probably show up around 0.7960 but the strong level is at 0.7940.
The 0.7940 level looks good for a small tight long, while a break of 0.8000 could reward shorts if it then becomes resistance.
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