AUD/USD felling the heat

AUD/USD daily chart

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Comm dollars are feeling the heat of the ongoing risk-off and slide in oil prices. A falling trend line has been established and the chart tells me a break below the rising trend line seen now around 0.7200 would signal we are heading back to lows seen in January.

Today’s red candle has increased the odds of pair testing rising trend line support. Whether it breaks below the same or rebounds depends on Brexit referendum outcome and oil prices.

 

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