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AUDUSD day trade outlook: Intermediate-term bear shift through key .7136/32/28
Day trade update and view
A significant sell-off on Wednesday-Thursday through the key .7136/32/28 platform support area, to build on this week's plunge lower through various other supports, to shift the intermediate-term bull trend straight to an intermediate-term bear trend, to keep the threat lower for Thursday/ Friday.
Day trade setup
We see a downside bias for .7012/00 and .6959; a break here aims for .6920/18.
But above .7082 opens risk up to .7147 and possibly then to .7210.
AUDUSD intermediate-term outlook
The push below the key .7136/32/28 platform support area signalled an intermediate-term shift to a bear trend.
Downside risks: We see an intermediate-term bear trend to aim for .7012/00, .6829 and .6773.
What changes this? Above .7345 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.
* Global equity averages have plunged lower again this week.
* These breakdowns have seen the “risk off” phase restart in the currency markets, which sees a weaker Australian Dollar and also a broader strengthening again of the US Dollar (which is currently viewed as a safe haven currency).
* The AUDUSD break below the key .7136/32/28 support area has set up a more bearish theme into late September and October.
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6 Hour AUDUSD Chart