AUD/USD Outlook: Aussie Searches for Support after Failed Breakout

The Australian Dollar has fallen more than 1.5% against the US Dollar from the recent three-month highs after failing to hold above yearly slope resistance. We’re looking for a low near upcoming support targets to identify whether this is just a correction or the resumption of the broader downtrend. These are the updated targets and invalidation levels that matter on the AUD/USD charts. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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AUD/USD Daily Price Chart

AUD/USD Daily Price Chart

Technical Outlook: In my previous AUD/USD Price Outlook we noted that Aussie had, “broken above multi-month slope resistance and although the broader outlook remains constructive, the advance may be vulnerable near-term while below 7327/36.” Price registered

Article source: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2018/11/23/AUDUSD-Outlook-Aussie-Searches-for-Support-after-Failed-Breakout-Australian-Dollar-Technical-Price-Chart-Forecast-MBCS.html