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Technical analysis of AUD/USD for June 16, 2016

AUD/USD is in a bearish trend targeting 0.68. Any bounce should be seen as sell opportunity, especially if the price breaks below 0.7140.


Green area- support zone

In the 4-hour chart the price is making a bearish reversal and when it breaks below 0.7325 we should see rising selling pressure and push the pair back to its recent lows near 0.7180. The short-term resistance that bulls need to break is at 0.75.


The daily chart shows that the price broke below the Kumo (cloud) and tested it as we expected. The price is getting rejected at the cloud resistance and a bearish reversal is in the making. A break below 0.7180 will open the way to our longer-term target of 0.68.The material has been provided by InstaForex Company -