AUDUSD Analysis: Extends decline


Bears were the main driving force of the AUD/USD currency pair for the second consecutive trading session on Wednesday as a result of which the rate end the day with 75-pips decline.

The decline continues during the first part of Thursday's session. However, the weekly support level at 0.7549 was providing support for the exchange rate from falling further south.

If the weekly support level holds, the currency exchange rate is likely to make a corrective move north toward the 100– hour simple moving average during the following trading session.


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