AUD/USD: Topping Out, July Correction Extra Doubtless; Wanting To Promote On Rallies Into zero.70 – BofA

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    What’s the technical outlook for AUD/USD in July?

    Right here is their view, courtesy of eFXdata:

    Financial institution of America International Analysis discusses AUD/USD technical outlook and flags a scope for topping sample within the making. 

    “In G10, we predict AUD/USD stays susceptible to a deeper correction. Robust resistance across the .70 space has held. An preliminary decline has occurred that broke under a development line because the BBDXY bounced. MACD has crossed bearish and RSI continues to be pointing decrease. We favor tactically bearish AUD/USD trades particularly within the .6850-.70 space because the 200d at .6666 and/or the 38.2% retracement at .6470 might be seen,” BofA notes.

    What we dont have, and want we did to extend conviction, is a proper prime sample comparable to a double prime. Because of this we most popular to promote into .70 space this month and foresee a July correction. Ought to new YTD highs happen then a surge to the higher inexperienced line within the .72s might happen,”BofA provides. 

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