The bulls have set their sights on a substantial correction towards the resistance level of the trendline for the AUDUSD pair, currently trading at 0.66174.
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- AUD/USD bulls eye a significant correction towards trendline resistance.
AUD/USD was correcting on Thursday from the lows despite a firmer US Dollar and the current tracked the stock market and leaned against domestic data that showed Retail Sales rose a surprisingly strong 0.7% in May, adding marginally to the case for a further rise in interest rates from the Reserve Bank of Australia (RBA). Other data showed job vacancies had eased again, but were still at levels that pointed to a very tight labour market.
Technically, however, there is resistance ahead in a US dollar firm environment and the following illustrate the prospects of a downside continuation:
AUD/USD bulls are trying to correct the recent sell-off and eye a move to test the trendline resistance. There are prospects of a deeper correction but bears are lurking with the price below the prior lows that are acting as meanwhile resistance. A break of 0.6650, however, opens risk towards 0.6670.
The 4-hour chart has the 78.65 Fibonacci marked in the 0.6670s which could be a target. The bears will be lurking in the resistance area, however and will be keen to guard trendline resistance.
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