AUD / USD – Technical Analysis – Is the Run Over?

Having enjoyed a solid run up since the beginning of June, The AUD / USD is starting to show signs of tiring and easing off considerably.  Throughout this period, its retracements have been in the order of approximately 2 cents however the present sell off has moved a little further.  The break through the 1.04 level was the telling blow as it is now meeting reasonable resistance there.  (Daily chart below)

AUD/USD Technical

• During the hours of the Asian trading session on Wednesday, the AUD / USD has eased off a little from its earlier highs towards 1.0390.
• Short term, the 1.0350 level is likely to offer some support and the 1.0300 level is likely to offer support beyond that.
• Current range: Staying below 1.0400.  Is the AUD / USD ride over?

Further levels in both directions:

• Below: 1.0350, 1.0300, and 1.0200.
• Above: 1.0400, 1.0550 and 1.0600.

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