Nick Nasad
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AUD/USD: Back On The Defense

The AUD/USD began the year with a breakout from its range action to the topside, but it was unable to hold above 0.8950.

After tagging the key whole number at 0.90, the pair has reversed course and has slid back down through the old resistance, which was unable to act as support. The implication then is that the Aussie has lost its small window of strength and we are likely to move back towards the 0.8840 lows from the last 2 weeks, at which point we have to assess price for either a bounce off support or a break through the lows.