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AUD/USD slipped below $0.9900

Australian dollar extends losses for 8 days in a row: today AUD/USD tested a fresh yearly low of $0.9850. Downside slowed after the pair met the 200-week SMA at $0.9870. The picture remains bearish: for now the upside is capped at the parity level. A break below the today’s low would be a new selling signal with a target of $0.9800.

As can be seen from the daily chart, the pair is oversold. Some consolidation may be needed before a decisive break below the 200-week SMA. Commerzbank analysts warn of corrective rebounds, but expect the $1.0000/15 level to offer a good resistance.

Chart. Daily AUD/USD

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