Technical Analysis: AUD/USD 2012.05.18

May 18, 2012 12:05

The pair broke the 0.9860 support. Consolidating below this level would extend losses towards the 0.9660 support or beneath ahead of the key 0.9385 support. However, daily studies are oversold, so we see the risks of a bullish reversal from current levels and a recovery back above parity towards the 200-Day SMA by 1.0320.

Edward Smith, technical analyst of company Admiral Markets.

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