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AUD/USD Forecast May 4, 2016, Technical Analysis

By:
Christopher Lewis
Updated: May 4, 2016, 05:11 UTC

The AUD/USD pair fell significantly during the course of the session on Tuesday, crashing into the 0.75 support level. I believe that there is support all

AUD/USD daily chart, May 4, 2016

The AUD/USD pair fell significantly during the course of the session on Tuesday, crashing into the 0.75 support level. I believe that there is support all the way down to the 0.74 level, so a supportive candle could be reason enough to start buying if we get one on a daily close. In the meantime, it’s probably best to step away from the Australian dollar as the Reserve Bank of Australia surprise the markets with an interest-rate cut yesterday. With this, we will continue to monitor the Australian dollar, but stand on the sidelines currently.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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