AUD/USD Rejected at 0.82 with a Bearish Continuation Outlook

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AUD/USD Rejected at 0.82 with a Bearish Continuation Outlook

Even when the USD was giving back its gains, the AUD/USD remained bearish. While the EUR/USD and GBP/USD for example consolidated, or even rallied, the AUD/USD remained pressured and is now pushing into new lows on the year, carrying a bearish continuation outlook. Let’s take a look at the charts.

The FOMC statement helped an already bearish AUD/USD push to new lows on the year during the 12/17 session. Then it stalled at 0.8107 and rebounded. However, the rebound was rejected at 0.82, a support/resistance pivot. Also, the 1H RSI was held at 60 and turned down. These are signs that bears are still in charge and that AUD/USD is poised to test the 0.81-0.8110 area again, with risk of falling toward the 2010-low at 0.8066.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.