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Christopher Lewis
AUD/USD daily chart, July 24, 2018

The Australian dollar has crashed towards the 0.74 level during the Monday session, an area that has been important more than once. Ultimately, I think that if we can break down below the 0.74 level, the market can continue to go towards the 0.7350 region. I don’t think we’re going to see some type of major break down, just that we obviously have a significant amount of resistance just above, so it makes sense that we would pull back a little bit. The Australian dollar of course is highly leveraged to Asia, so the trade war talks and concerns of course will have a massive influence on where we go from here.

Short-term rallies will probably be selling opportunities, especially near the 0.7450 level. If we were to break above the 0.7450 level, then of course we have a major barrier above at the 0.75 handle that could be very difficult to take out in the short term. All that being said, I do believe that the 0.7325 level will continue to offer significant support though, so I believe we are simply going back and forth yet again, and at this point I think you are probably better served playing the overall range than anything else. Short-term trading continues to be the norm in this pair, longer-term traders are probably waiting for some type of impulsive breakout or break down to take advantage of.

AUD/USD Video 24.07.18

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