fxstrategist
Corporal
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Resistance on the AUD/USD. On the daily chart of the AUD/USD we can see that the pair has reached the 200 day EMA at the 0.7343 level, where it could find a resistance and bounce to the downside. In case of a bearish bounce, the 55 day EMA at the 0.7217 could act as support. On the other hand, if the price breaks below the 55 day EMA, its next support could be the 0.7100 level. There is a slight correction on the AUD/USD and if the pair breaks above the 200 day EMA, then its next resistance could be the 55 week EMA at the 0.7431 level. Another possible scenario is that the pair may stay consolidated between the 55 day EMA and the 200 day EMA without a clear direction.