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The Australian dollar is facing its tenth consecutive day of declines


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AUD/USD has fallen for 9 straight days and is lower today


AUD/USD edged through the June low earlier today but has crept back above.
It’s been a perfect storm for the currency as domestic and global growth news faltered while the Federal Reserve helped to boost the US dollar.
Naturally, it’s oversold but not as much as you might think, because it came after a stretch to the upside. The daily RSI is at 32, which doesn’t even match the May low of 24. The entire decline has been orderly and gradual.
However we’re at the inflection point now. The June low broke today but the 2016 low of 0.6827 held (by one pip), so we’re flirting with a major breakdown. This would be a good place for the Aussie to mount a stand but you can’t rule out a violent breakdown.

ForexLive

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