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AUD/USD – We may see an upside correction?

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 18 Dec 2022
Category: AUD/USD
Technical Analysis audusd

Table of Contents

The AUD/USD price paused the upside momentum around the 200-day SMA near 0.6900. The price rejection turned into a bearish engulfing pattern, suggesting a strong downtrend ahead. However, the price saw mild support by the 100-day SMA.

We may see an upside correction on the lower timeframes before the resumption of a downtrend. The 0.6685 level is an important support that coincided with the 100-day SMA. However, the bias remains bearish as long as the price remains below the 200-day SMA.

Key levels to watch

Support 1: 0.6585

Support 2: 0.6515

Support 3: 0.6400

Resistance 1: 0.6780

Resistance 2: 0.6900

Resistance 3: 0.7015

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