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14 Jan 2015
AUD/USD a falling knife on copper woes
FXStreet (Bali) - AUD/USD has registered an outstanding turnaround, from 0.8187 session high to trade marginally below 0.81 as a cascade of stops are triggered.
The dramatic decline in copper, which broke a major support area, down more than 8.0% at one point, resulted in a full swing risk off ride against the AUD.
Technically, 0.8080 is now seen as the next support ahead of 0.8050/55 and the double bottom around 0.8035. On the topside, recoveries should see solid selling re-emerge around 0.8130, triple bottom through Jan 12, 13.
The dramatic decline in copper, which broke a major support area, down more than 8.0% at one point, resulted in a full swing risk off ride against the AUD.
Technically, 0.8080 is now seen as the next support ahead of 0.8050/55 and the double bottom around 0.8035. On the topside, recoveries should see solid selling re-emerge around 0.8130, triple bottom through Jan 12, 13.