AUD/USD—The Recovery Stalls Below the 0.80 Pivot

AUD/USD (0.7891)

• Resistance Levels: 0.7992, 0.8075, 0.8120
• Support Levels: 0.7868, 0.7805, 0.7740

Taking a quick look at the AUD/USD Forex pair this morning, we are noting the three day correction higher has come to an end just below the 0.80 pivot. Even today’s news that the PBOC cut rates, made little difference. Please see the below daily MT 4 chart.

There is near term support lining up at 0.7868. A daily close below this level challenges the technical support at 0.7805. This is the beginning a cluster zone ending at 0.7802. Should the Ozzie Dollar push higher, we need a daily close back above 0.7992 to challenge the technical resistance at 0.8075.