- AUD/USD has resumed its long term downtrend, making new bear market lows overnight.
- However, evidence continues to indicate a very late stage decline where new lows should prove relatively limited.
- Specifically, weakness should be limited to 0.7460 channel support, worst case 0.7193/0.7359 (6m downward slopping channel in brown and 14yr trend line/channel support) before renewed basing.
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