Forex Technical Update
AUD/USD Daily Chart 2:38PM EDT 6/21/2012
The AUD/USD failed to confirmed a recent break above a trendline that has held the 2012 decline from end of February/beginning of March.
The 6/21 US session pushed the pair below 1.01 and below a rising trendline that held June's correction rally. The 4H RSI is falling below 40, and reflects a loss of the bullish momentum established in June.
If the market can stay below 1.01 on a pullback, we should have capped June's corrective rally and open up 0.9820 pivot. Below 0.98, we are looking at the 0.96-0.9630 June lows.
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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