Forex Trading

​​EUR/USD, GBP/USD and AUD/USD drop as greenback fights back | Levels to Watch

​AUD/USD drops to one-month low

AUD/USD’s descent from its five-month December peak at $0.6871 has resumed amid worsening Australia consumer confidence data and an appreciating US dollar.

​The October-to-January uptrend line is being slipped through with the 55-day SMA at $0.6623 offering support. Were it and Tuesday’s intraday low at $0.661 to be slid through, though, the 200-day SMA at $0.6584 would be back in sight ahead of the $0.6525 to $0.6523 support area. It consists of the early November high and the early December low.

​Minor resistance above Tuesday’s $0.665 intraday high lies at Friday’s $0.6678 low and more significant resistance in the $0.6728 to $0.6734 region where several daily highs were made in early January. While they cap, the medium-term trend remains bearish.

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